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1. • CommentAuthordarenatto
   • CommentTimeApr 26th 2007

    
   plz check my following answers whether they r right or not .if they r wrong could u plz explain the reason.my email address is:darenatto@yahoo.co.in
   
   Q1:the internal auditor at ILT plc has noticed that cheques from customers are being paid into the bank account approximately one month after the date on the cheque.should the einternal auditor
   A:instruct the cashierto pay cheques in more promptly
   B:disregard,because all cheques have been accounted for
   C:ask customers to pay more promptly
   D:inform senior management there may be a fraud (My answer)
   
   
   Q2:which of the following attributes is the most important for any code to possess in order to b of use in an ccounting system?give reason for ur answer?
   A:easy to change the code number
   B:each code is a unique number
   C:a combination of letters and digits to ensure input accuracy
   D:linked to assets,liabilities,income,expenditure and capital(MY ANSWER)
   
   Q3:at the year end sed ltd in dec 2000,a journal entry was raised to accrue for utility expenses of $3600.this journal entry was reversed in january 2001.during the year ended dec 2001,$30000 was paid for utility expenses ,of which $4000 was prepaid at the year end.what will be the charge to the profit and loss account for utility expenses for the year ended dec 2001?
   
   MY ANSWER:$22,400
   
   Q4:the following information relates to C limited at 30 june 2003:
   
   balance per cash book-credit balance $4300
   unpresented cheques 1500
   bank charges not included in the cash book 300
   receipts not yet credited by the bank 2600
   dishonored cheques not yet recorded 500
   in the cash book
   what would b the balance shown on the bank statement at 30 june 2003?
   
   My ANSWER:$2100
   
   Q5:I m extremely confused about this one:
   rent is payable quarterly in advance on 1 feb,1 may,1 aug n on 1 nov.the annual charge for rent was $1800 and $2400 for the years ended 31 jan 2003 n 2004 respectively.which of the following ledger entries should b made in A limited's accounts?
   A:rent expense $2000 prepayment $400(MY ANSWER)
   B:rent expense $2050 prepayment $200
   C:rent expense $2050 accrual $200
   D:rent expense $2100 prepayment/accrual Nil
   
   Q6:The following information relates to P ltd at 30 sep:
   
   2003 2002
   $000 $000
   stock of raw materials 60 40
   work in progress stock 50 85
   stock of finished goods 20 28
   for the year ended 30 sep 2003:
   
   $000
   purchases of raw materials 710
   manufacturing wages 42
   factory overheads 360
   
   the prime cost of production in the manufacturing account for the year ended 30 sep 2003 is
   A:690,000
   B:732,000(my answer ,but dont know the right method of solving it)
   C:1,092,000
   D:1,135,000
   
   Q7:which of the following r correct?
   1:balance shet value of inventory should be as close as possible to net realisable value.
   2:the valuation of finished goods inveentory must include production overheads.
   3:production overheads includd in valuing inventory should b calculated by reference to the company's normal level of production during the period
   4:in assessing net realisable value,inventory items must b considered seperately ,or in groups of similar items,not by taking the inventory as a whole.
   
   A:1 n 2 only
   B:3 n 4 only
   C:1 n 3 only
   D:2,3 n 4
   
   Q8:what amounts for this rent should appear in the company's financial statment for the year ended 31 jan 2006?
   INCOME STATEMENT BALANCE SHEET
   A:$27500 $5000 in sundry receivables(my answer)
   B:$27000 $2500 in sundry receivables
   C:$27000 $2500 in sundry payables
   D:$27500 $5000 in sundry payables