Question No.1 What would be the Retained Earnings of closing balance

if Opening balance: $4400 Profit of the year $550 and OCI: $300

Question No. 2 During 2018 Co. paid $ 90,000 for factory rent for the period 1 November 2017 to 30 April 2019. What figures should appear for rental expense and prepayments (accruals) for year ended 31 December 2018?

a. rental expense $ 60,000, prepayments (accruals) $ 30,000

b. rental expense $ 60,000, prepayments (accruals) $ 20,000

C. rental expense $ 67,500, prepayments (accruals) $ 22,500

d. rental expense $ 60,000, prepayments (accruals) $ 15,000

Question No. 3 When a company has a payroll (would like to pay wages to employees), the transaction will affect the balance sheet and the statement of comprehensive income as follows:

1)The effect is Statement of Comprehensive income.

2)The effect on the SFP

What will be the effect from below Available Options for 1) & 2)

Net income increases

OCl increases

Only Equity and Liabilities side changes

Only Assets side changes

Net income (P/ L) decreases

Both sides increase

Both sides decrease

OCI decreases

"Everything is Fine" Co. has a Retained Earnings T-account at the beginning of 2019 (01.01.2019), that can be seen below:

Retained Earnings

B/F 8,000

The Company had the following trial balance at the end of 2019 (31.12.2019):

Account Payables: $2100

Cash Equivalents: $4710

Revenues: $6540

Wages expenses: ($1140)

Cost of Goods Sold: ($1630)

Raw-materials: $3160

Share Capital: $21970

Share Premium: $28370

Calculate the closing amount of Equity at the end of 2019 (31.12.2019).

Question 4: Cash from sales of inventories is considered an operating activity on the cash flow statement. (T/F)

Question 5: Where would you put the`lady behind the cash register in a retail company in the Balance Sheet of a business enterprise?

a. the. Non-current asset, tangibles, because she physically existed

b. Current asset, inventory, because her skills can be sold to another retail company

c. Non-current asset, intangible, because the Company only owns her skills, which is intangible

d. Not part of the Balance sheet

Question 6: Declaring dividend will decrease the retained earnings. (T/F)

Question 7: If the Company's total revenues are $80300 and all the expenses are $27800, then the profit will be?

Question 8: Where would you put the Audi Cars at automobile manufacturer company in the Balance Sheet of a business enterprise?

a. Current asset, tangibles

b. Current asset, inventory

c. Non-current asset, intangible

d. Not part of the Balance Sheet

Question 9: If a Company had:

$24700 Inventory

$8400 Account Payable

($5100) Cost of Goods Sold

$7800 Share Capital

($8000) Retained Earnings

$8600 Revenues

$1400 Dividend income

$5100 Software

$7600 Know-how

$13720 Work in Progress

Then the Company's Intangible assets would be?

Question 10: The Notes part of the IFRS financial statement cannot be more than 200 pages. (T/F)

Question 11:

Opening Share Capital: $ 53,800

Purchase (inventory): $ 3100

Cost of Goods Sold: $ 7500

Opening Cash and Cash Equivalents: $ 7,500

Closing inventory: $ 1700

Calculate Opening Inventory?

Where should EPS be presented in the financial statements?

a, Statement of Comprehensive Income

b, Statement of Financial Position

, Statement of Changes in Equity

d, Notes to the financial statements

Choose one:

a.the. Statement of Changes in Equity

b. Statement of Comprehensive Income

c. Statement of Financial Position

d. Notes to the financial statements