【MOOC】F3（Financial Accounting）-江西财经大学 中国大学慕课MOOC答案

【MOOC】F3（FinancialAccounting）-江西财经大学中国大学慕课MOOC答案1.2自测题1、【单选题】WhichofthefollowingstatementsareTUREoflimitedliabilitycompanies?1Thecompany’sexposuretodebtsandliabilityislimited.2Financialstatementsmustbeproduced.3Acompanycontinuestoexistregardlessoftheidentityofitsowners.本题答案：【2and3only】2、【单选题】Whichofthefollowingarethedisadvantagesofthelimitedliabilitiescompany(LLC)?1LLChavetocomplywithlegalandaccountingrequirements.2LLCmakesraisingfinancemoredifficultthansoletradeandpartnership.3LLChavetopublishannualfinancialstatements.4LLChavetobeaudited.Thiscanbeinconvenient,timeconsumingandexpensive.本题答案：【1,3and4】3、【判断题】Financialreportingiscarriedoutbyallbusinesses,nomatterwhattheirsizeorstructure.本题答案：【正确】1.3自测题1、【单选题】Whichofthefollowingbestdescribescorporategovernance?本题答案：【Corporategovernanceisthesystembywhichcompaniesandotherentitiesaredirectedandcontrolled.】2、【判断题】Theshareholderdoesnotneedastatementoffinancialpositionasonlyinterestedinfutureperformance,whileasupplierofgoodsoncreditneedsastatementoffinancialposition,astheyareonlyinterestedinthecurrentstateofaffairs.本题答案：【错误】3、【判断题】Iffinancialstatementsareaudited,thentheresponsibilityforthosefinancialstatementsinsteadfallsontheauditorsinsteadofthedirectors.本题答案：【错误】1.4自测题1、【单选题】Whichofthefollowingisanexampleofaliability?本题答案：【Payable】2、【单选题】Whichoffollowingusersoffinancialstatementsarelikelytobeinterestedinthefinalaccountsofasmallprivatecompany?1Stockmarketanalysts2Managersofthebusiness3Lenders4Institutionalshareholders本题答案：【2and3】3、【判断题】Financialaccountingisamanagementinformationsystemwhichanalysesdatatoprovideinformationasabasisformanagerialaction.本题答案：【错误】第1单元测验1、【单选题】Whichofthefollowingis/areTRUEofpartnerships?1.Thepartners'individualexposuretodebtislimited.2.Financialstatementsforthepartnershipbylawmustbeproducedandmadepublic.3.Apartnershipisnotaseparatelegalentityfromthepartnersthemselves.本题答案：【3only】2、【单选题】Whichofthefollowingisanexampleofassets?本题答案：【Officebuilding】3、【单选题】Whichofthefollowingusersoffinancialstatementsarelikelytoreviewtheaccountsinordertounderstandwhethertheorganisationisasecuresourceofsupply?本题答案：【Customers】4、【判断题】Financialreportingisawayofjudgingandevaluatingfinancialdata.本题答案：【错误】5、【判断题】Theaccountsofsoletradermustalwaysmakefinancialaccountspubliclyavailable.本题答案：【错误】6、【判断题】Limitedliabilitymeanstheshareholdersareresponsibleforthecompany’sdebtsonlyuptotheamountpaidontheshares.本题答案：【正确】7、【判断题】Thestatementoffinancialpositionisalistofalltheassetsownedandalltheliabilitiesowedbyabusinessforoneperiod.本题答案：【错误】8、【判断题】Adirector’smainaimshouldbetocheckfinancialstatement.本题答案：【错误】2.1自测题1、【单选题】WhatistheroleoftheIASB?本题答案：【Formulateinternationalfinancialreportingstandards】2、【单选题】WhichoneofthefollowingisnotanobjectiveoftheIFRSFoundation?本题答案：【EnsureIFRSsfocusprimarilyontheneedsofglobal,multi-nationalorganisations】3、【判断题】TheIFRSAdvisoryCouncilisaforumfortheIASBtoconsultwiththeoutsideworld.本题答案：【正确】2.2自测题1、【单选题】IFRSsareusedinthefollowingways:1Asthebasisforallorsomenationalrequirements2Byregulatoryauthoritiesfordomesticandforeigncompanies3Asnationalrequirements4Asaninternationalbenchmarkforthosecountrieswhichdeveloptheirownrequirements本题答案：【1,2,3,and4】2、【单选题】WhichofthefollowingprovidesadvicetotheInternationalAccountingStandardsBoard(IASB)aswellasinformingtheIASBoftheimplicationsofproposedstandardsforusersandpreparersoffinancialstatements?本题答案：【TheIFRSAdvisoryCouncil】3、【判断题】IFRSsshouldbeusedtoensurehighethicalstandardsaremaintainedbyfinancialreportingprofessionalsinternationally.本题答案：【错误】第2单元测验1、【判断题】TheIFRSFoundationproducesIFRSs.TheIFRSFoundationisoverseenbytheIASB.本题答案：【错误】2、【判断题】OneoftheobjectiveoftheIFRSFoundationistobringaboutconvergenceofnationalaccountingstandardsandIFRSs.本题答案：【正确】3、【判断题】IASBisanofficial,publiclyfundedbodythatdevelopsandapprovesIFRSs.本题答案：【错误】3.1自测题1、【单选题】Whichofthefollowingisunderlyingassumption?本题答案：【Goingconcern】2、【判断题】TheConceptualFrameworkisasetofprincipleswhichunderpinthefoundationsoffinancialaccounting.TheConceptualFrameworkisanaccountingstandard.本题答案：【错误】3.2自测题1、【单选题】Whichaccountingconceptstatesthatomittingormisstatingthisinformationcouldinfluenceusersofthefinancialstatements?本题答案：【Thematerialityconcept】2、【多选题】WhichTWOofthefollowingarequalitativecharacteristicsunderwhichfinancialstatementsareproduced?本题答案：【Faithfulrepresentation#Relevance】3.3自测题1、【单选题】WhichoneofthefollowingisNOTaqualitativecharacteristicsoffinancialinformationaccordingtotheConceptualFrameworkforFinancialReporting?本题答案：【Accruals】2、【判断题】UndernocircumstancesshouldwedeparturefromIFRS.本题答案：【错误】第3单元测验1、【单选题】IASB’sConceptualFrameworkgivesfourenhancingqualitativecharacteristicsoffinancialinformation.Whatarethesefourcharacteristics?本题答案：【Comparability,Verifiability,TimelinessandUnderstandability】2、【单选题】Whichaccountingconceptshouldbeconsiderediftheownerofabusinesstakesgoodsfrominventoryfortheirownpersonaluse？本题答案：【Businessentity】3、【单选题】Theaccountingconceptwhichrequiresassetstobevaluedattheirnetbookvalue,ratherthantheir‘break-up’valueisthe本题答案：【Goingconcernconcept】4、【单选题】Salesrevenueshouldberecognisedwhengoodsandserviceshavebeensupplied;costsareincurredwhengoodsandserviceshavebeenreceived.Whichaccountingconceptgovernstheabove?本题答案：【Theaccrualsconcept】5、【多选题】AccordingtotheIASB’sConceptualFramework,whichtwoofthefollowingarepartoffaithfulrepresentation?本题答案：【Neutral#Complete】6、【判断题】Theconceptofaccrualsrequirestransactionstobereflectedinthefinancialstatementsoncethecashoritsequivalentisreceivedorpaid.本题答案：【错误】7、【判断题】Relevantinformationiscapableofmakingadifferenceinthedecisionsmadebyusers,byhavingpredictivevalue,confirmatoryvalueorboth.本题答案：【正确】8、【判断题】Basedonfaithfulrepresentation,itmaysometimesbenecessarytoexcludematerialinformationfromfinancialstatementsduetodifficultiesestablishinganaccuratefigure.本题答案：【错误】4.1自测题1、【单选题】Whichofthefollowingdocumentsshouldaccompanyareturnofgoodstoasupplier?本题答案：【Debitnote】2、【多选题】Whenapurchaseinvoiceisreceivedfromasupplier,whichTWOofthefollowingdocumentswouldtheinvoicebecheckedto?本题答案：【Purchaseorder#Goodsreceivednote】4.2自测题1、【单选题】Whichprimeentryrecordisusedtorecordcreditnotesforreturnsoutwards?本题答案：【Thepurchasereturnsdaybook】2、【多选题】Whichofthefollowingarebooksofprimeentry?本题答案：【Salesdaybook#Cashbook#Journal】第4单元测验1、【单选题】Whichofthefollowingbestexplainstheimprestsystemofpettycash?本题答案：【Theexactamountofpettycashexpenditureisreimbursedatintervalstomaintainafixedfloat】2、【单选题】Whichofthefollowingisabookoforiginalentry?本题答案：【Journal】3、【单选题】Inwhichbookoforiginalentrywoulddiscountsallowedberecorded?本题答案：【Cashbook】4、【单选题】InwhichbookoforiginalentryisVAToncreditsalesrecorded?本题答案：【Salesdaybook】5、【单选题】Inwhichbookofprimeentrywillabusinessrecorddebitnotesinrespectofgoodswhichhavebeensentbacktosuppliers?本题答案：【Thepurchasereturnsdaybook】6、【单选题】Whichoneofthefollowingsourcedocumentsissummarisedandpostedtothegeneralledger?本题答案：【Cashreceiptsbook】7、【单选题】Whichprimeentryrecordisusedtorecorddirectdebitstopayutilitybills?本题答案：【Thecashpaymentsbook】8、【单选题】YouareanaccountsassistantforKlemspeckSolutions,acompanythatsellscomputerequipment.Thefollowingtransactionstookplaceon23January20X1:$(1)CashsaleofgoodstoCustomersADavis200(2)CreditsaleofgoodstoCustomerHTyre150(3)ReturnofgoodsfromCustomerBRudd30(4)PaymenttosupplierZComputers900(5)PurchaseinvoicefromsupplierZComputers150(6)Purchaseofstationarywithpettycash10Whichoftheabovetransactionswouldberecordedinthepurchasesdaybook?本题答案：【5】9、【单选题】YouareanaccountsassistantforKlemspeckSolutions,acompanythatsellscomputerequipment.Thefollowingtransactionstookplaceon23January20X1:$(1)CashsaleofgoodstoCustomersADavis200(2)CreditsaleofgoodstoCustomerHTyre150(3)ReturnofgoodsfromCustomerBRudd30(4)PaymenttosupplierZComputers900(5)PurchaseinvoicefromsupplierZComputers150(6)Purchaseofstationarywithpettycash10Whichoftheabovetransactionswouldberecordedinthesalesdaybook?本题答案：【2】10、【单选题】YouareanaccountsassistantforKlemspeckSolutions,acompanythatsellscomputerequipment.Thefollowingtransactionstookplaceon23January20X1:$(1)CashsaleofgoodstoCustomersADavis200(2)CreditsaleofgoodstoCustomerHTyre150(3)ReturnofgoodsfromCustomerBRudd30(4)PaymenttosupplierZComputers900(5)PurchaseinvoicefromsupplierZComputers150(6)Purchaseofstationarywithpettycash10Whichoftheabovetransactionswouldberecordedinthecashbook?本题答案：【1and4】5.1自测题1、【单选题】Whichofthefollowingstatementsistrue?本题答案：【Acreditrecordsanincreaseinliabilities.】5.2自测题1、【单选题】TTallonhadthefollowingtransactions:1Saleofgoodsoncreditfor$150toFRogit2ReturnofgoodsfromBBlendiggoriginallysoldfor$300incashtoBBlendiggWhatarethecorrectledgerentriestorecordthesetransactions?本题答案：【DrReceivables$150DrSalesReturns$300CrSales$150CrCash$300】2、【单选题】Inwhichbookofprimeentrywillabusinessrecorddebitnotesinrespectofgoods.Whichhavebeensentbacktosuppliers?本题答案：【Thepurchasereturnsdaybook】5.3自测题1、【单选题】Atrader'snetprofitfortheyearmaybecomputedbyusingwhichofthefollowingformulate?本题答案：【Closingcapital+drawings–capitalintroduced–openingcapital】2、【单选题】Theprofitmadebyabusinessin20X7was$35,400.Theproprietorinjectednewcapitalof$10,200duringtheyearandwithdrewamonthlysalaryof$500.Ifnetassetsattheendof20X7were$95,100,whatwastheproprietor'scapitalatthebeginningoftheyear?本题答案：【$55,500】5.4自测题1、【单选题】Whichofthefollowingwouldberecordedinthesalesdaybook?本题答案：【Salesinvoices】5.5自测题1、【单选题】SubCopurchases$250worthofmetalfromSteelCo.TinCoagreestopaySteelCoin60daystime.WhatisthedoubleentrytorecordthepurchaseinSubCo’sbooks?本题答案：【DebitPurchases$250,CreditPayables$250】第5单元测验1、【单选题】Adebitentrytothesalesaccountcouldrepresent:本题答案：【Thecorrectionofanerrororgoodsreturned】2、【单选题】Anaccountanthasinsertedalltherelevantfiguresintothetradepayablesaccount,buthasnotyetbalancedofftheaccount.TRADEPAYABLESACCOUNT$$Cashatbank100,750Balanceb/d250,225Purchases325,010Assumingtherearenootherentriestobemade,otherthantobalanceofftheaccount,whatistheclosingbalanceonthetradepayablesaccount?本题答案：【$474,485CR】3、【单选题】Howisthetotalofthepurchasesdaybookpostedtothenominalledger?本题答案：【DebitPurchases,CreditPayablescontrol】4、【单选题】Thenominalledgeris:本题答案：【Acollectionofaccountsrecordingallthetransactionsofthebusiness】5、【单选题】Acreditwouldnotresultinwhichofthefollowing?本题答案：【Increaseinanasset】6、【单选题】Indoubleentrybookkeeping,whichofthefollowingstatementsistrue?本题答案：【Debitentriesdecreaseincomeandincreaseassets.】7、【单选题】JonesCo.hasthefollowingtransactions:1Paymentof$400toJBloggsforacashpurchase2Paymentof$250toJDoeinrespectofaninvoiceforgoodspurchasedlastmonthWhatarethecorrectledgerentriestorecordthesetransactions?本题答案：【DRPurchases$400DRTradepayables$250CRCashandbank$650】8、【单选题】TinCopurchases$250worthofmetalfromSteelCo.TinCoagreestopaySteelCo.in60days’time.WhatisthedoubleentrytorecordthepurchaseinSteelCo'sbooks?本题答案：【DebitReceivables$250,CreditSales$250】9、【单选题】TTallonhadthefollowingtransactions:(i)Saleofgoodsoncreditfor$150toFRogit(ii)ReturnofgoodsfromBBlendiggoriginallysoldfor$300incashtoBBlendiggWhatarethecorrectledgerentriestorecordthesetransactions?本题答案：【DRTradereceivables$150DRSalesReturns$300CRSales$150CRCashandbank$300】10、【单选题】Thesuppliers’personalaccountswillappearinwhichofthefollowingbusinessrecords?本题答案：【Thepurchaseledger】11、【多选题】Acreditbalanceinaledgeraccountwouldnormallybeshownwheretheaccountis:本题答案：【Aliabilityaccount#Acapitalaccount】12、【多选题】Thisquestionexaminesyouruseofdebitsandcreditsinrelationtoaccountsinthenominalledger.Ignoringtheothersideofanentry,whichTHREEofthefollowingaretrue?本题答案：【Incurringanexpenseresultsinadebittotheexpenseaccount.#Decreaseinaliabilityresultsinadebittotheliabilityaccount.#Increaseinaliabilityresultsinacredittotheliabilityaccount.】6.1自测题1、【判断题】Atrialbalancemustbenotbalanceifsomeofthebalancesarewrong.本题答案：【错误】6.2自测题1、【单选题】William'strialbalanceat30September20X5includesthefollowingbalances:Tradereceivables$75,943Receivablesallowance$4,751HowshouldthesebalancesbereportedinWilliam'sstatementoffinancialpositionasat30September20X5?本题答案：【Anassetof$71,192】2、【单选题】At31October20X6Roger'strialbalanceincludedthefollowingbalances:$Machineryatcost12,890Accumulateddepreciation8,950Inventory5,754Tradereceivables11,745Tradepayables7,830Bankoverdraft1,675Cashatbank150WhatisthevalueofRoger'scurrentassetsat31October20X6?本题答案：【$17,649】第6单元测验1、【单选题】Whichofthefollowingstatementsisincorrect?本题答案：【Theclosinginventorybalanceisincludedinthetrialbalance.】2、【单选题】Abusinesshasthefollowingextractfromitstrialbalance$Tradereceivables5,000Bankoverdraft2,000Tradepayables7,000Inventory4,500Whatisthefigureforcurrentassets?本题答案：【$9,500】3、【单选题】Whichofthefollowingerrorswouldcauseatrialbalancenottobalance?本题答案：【Anerrorintheadditioninthecashbook】4、【单选题】Anorganisationrestoresitspettycashbalanceto$250attheendofeachmonth.DuringOctober,thetotalexpenditurecolumninthepettycashbookwascalculatedasbeing$210,andtheimprestwasrestoredbythisamount.Theanalysiscolumnspostedtothenominalledgertotalledonly$200.Whichoneofthefollowingwouldthiserrorcause?本题答案：【Thetrialbalancebeing$10higheronthecreditside】5、【单选题】Berthasextractedthefollowinglistofbalancesfromhisgeneralledgerat31October20X5:$Revenue258,542Openinginventory9,649Purchases124,958Expenses34,835Non-currentassets(carryingamount)63,960Tradereceivables31,746Tradepayables13,864Cashatbank1,783Capital12,525WhatisthetotalofthedebitbalancesinBert'strialbalanceat31October20X5?本题答案：【$266,931】6、【单选题】Whichofthefollowingerrorswouldresultinatrialbalancefailingtoagree?本题答案：【Recordinganexpensepaymentas:DRExpenseDRCashatbank】7、【单选题】Whatisthedoubleentrytorecordtransaction(i)?(i)Purchaseofmaterialsfor$100bycheque本题答案：【DRPurchases$100CRCashatbank$100】8、【单选题】Whatisthedoubleentrytorecordtransaction(ii)?(ii)SaleofgoodstoCustomerYfor$500oncredit本题答案：【DRTradereceivables$500CRSales$500】9、【单选题】Whichofthefollowingstatementsisincorrect?本题答案：【Ifthetrialbalancebalancestherearenoerrors.】10、【多选题】WhichTHREEofthefollowingsetsofitemsallappearonthesamesideofthetrialbalance?本题答案：【Sales,interestincomeandaccruals#Non-currentassets,costofsalesandcarriageoutwards#Sundryexpenses,prepaymentsandpurchases】11、【判断题】Whenpreparingatrialbalance,theclerkomitsthebalanceof$2,000onthereceivablesaccount.Thiserrormeansthatthetotalofdebitbalanceswillexceedthetotalofcreditbalancesby$2,000.本题答案：【错误】12、【判断题】ThebalanceonsalesaccountwillgototheP/Laccount.ThebalanceonaP/Laccountalsowillgotocapitalaccount.本题答案：【正确】7.1自测题1、【单选题】Thesalesaccountis:本题答案：【Creditedwiththetotalsalesmade,excludingsalestax】2、【判断题】Thesalestaxaccountcouldinfluencestatementofprofitorloss.本题答案：【错误】3、【判断题】ThesalestaxaccountisalwaysontheDebitside.本题答案：【错误】7.2自测题1、【单选题】Tomisnotregisteredforsalestaxpurposes.Shehasrecentlyreceivedaninvoiceforgoodsforresalewhichcost$600beforesalestax,whichisleviedat15%.Thetotalvaluewastherefore$690.WhatisthecorrectentrytobemadeinTom’sgeneralledgerinrespectoftheinvoice?本题答案：【DrPurchases$690,CrPayable$690】2、【单选题】Sales(includingsalestax)amountedto$1175,andpurchases(excludingsalestax)amountedto$5000.Whatisthebalanceonthesalestaxaccount,assumingallitemsaresubjecttosalestaxat17.5%?本题答案：【$700debit】3、【单选题】ThefollowinginformationrelatestoA’ssalestaxforthemonthofMarch2003:Sales(netofsalestax)$30,000Purchase(includingsalestax)$11,000Salestaxischargedataflatrateof10%.A’ssalestaxaccountshowedanopeningcreditbalanceof$2000atthebeginningofthemonthandaclosingcreditbalanceof$1000attheendofthemonth.WhatwasthetotalsalestaxpaidtoregulatoryauthoritiesduringthemonthofMarch2003?本题答案：【$3000】第7单元测验1、【单选题】Asalestaxregisteredbusinesssellsgoodsfor$200plussalestaxat17.5%oncreditWhichofthefollowingentriescorrectlyrecordsthistransaction?本题答案：【DebitTradeaccountsreceivable$235CreditSales$200CreditSalestaxcontrolaccount$35】2、【单选题】Abusinesscommencedwithcapitalincashof$2,000.Inventorycosting$1,600plussalestaxispurchasedoncredit,andhalfissoldfor$2,000plussalestax,thecustomerpayingincashatonce.Thesalestaxrateis20%.Whatwouldtheaccountingequationafterthesetransactionsshow?本题答案：【Assets$5,200lessLiabilities$2,000equalsCapital$3,200】3、【单选题】Inthequarterended31March20X2,Chadsalestaxableoutputs,netofsalestax,of$90,000andtaxableinputs,netofsalestax,of$72.000.Iftherateofsalestaxis10%,howmuchsalestaxisdue?本题答案：【$1,800payable】4、【单选题】InJuly20X2,acompanysoldgoodsatthestandardsalestaxratewithanetvalueof$200,000.ThepurchasesinJuly20X2,whichwereallsubjecttosalestax,were$161,000,includingsalestax.Assumethattherateofsalestaxis15%.Thedifferencebetweensalesinputtaxandsalesoutputtaxis:本题答案：【CR$9,000】5、【单选题】Whichisregisteredforsalestax,receivedaninvoicefromanentertainmentagencyfor$4,000plussalestax(Irrecoverablesalestax).Therateofsalestaxonthegoodswas17.5%.Thecorrectledgerentriesare:本题答案：【DebitEntertainmentexpense4,700CreditPayables4,700】6、【单选题】Abusinessisregisteredforsalestax.Thesalestaxrateis20%.Sales(includingsalestax)fortheperiodare$37,200andpurchases(excludingsalestax)are$19,600.Whatisthebalanceonthesalestaxcontrolaccount?本题答案：【$2,280】7、【单选题】JackCoisregisteredforsalestaxandthestandardrateofsalestaxis20%.InAugust20X9,salesandpurchaseswereasfollows:lSalesof$300,000beforesalestax;theseitemsaresubjecttosalestaxatthestandardsalestaxratelSalesof$80,000beforesalestax;theseitemsarezero-ratedlPurchasesof$128,000beforesalestax,;theseitemsaresubjecttosalestaxatthestandardsalestaxrateWhatisthenetamountduetoorreclaimablefromthetaxauthoritiesinrespectofthesetransactions?本题答案：【$34,400】8、【单选题】Businessisregisteredforsalestaxandtherateofsalestaxis20%.InAugust20X7acompanysoldgoodsatstandardsalestaxratewithanetvalueof$230,000andgoodsatzerosalestaxratewithanetvalueof$10,000.ThenetpurchasesinAugust20X7,whichwereallsubjecttosalestax,were$145,000.Thereisanopeningcreditbalanceof$24,000onthesalestaxcontrolaccount.Paymentsof$18,000weremadetothetaxauthoritiesduringtheperiod.Whatistheclosingliabilityonthesalestaxaccountattheendoftheperiod?本题答案：【$23,000】9、【单选题】Abusinesswhichisregisteredforsalestaxpurchasesgoodsoncreditatacostof$500plussalestaxat17.5%.Whichofthefollowingcorrectlyrecordsthecreditpurchase?本题答案：【DebitDebitCreditPurchasesSalestaxPurchasesledgercontrolaccount$500.00$87.50$587.50】10、【单选题】Sales(includingsalestax)amountedto$82,837.50,andpurchases(excludingsalestax)amountedto$54,000.Whatisthebalanceonthesalestaxcontrolaccount,assumingallitemsaresubjecttosalestaxat17.5%?本题答案：【$2887.50credit】11、【填空题】Asaleismadefor$378.00plussalestaxat20%.Howmuchsalestaxshouldbecharged?Showyouranswertotwodecimalplaces.本题答案：【75.60】8.1自测题1、【单选题】IAS2Inventoriesdefinestheitemsthatmaybeincludedincomputingthevalueofaninventoryoffinishedgoodsmanufacturedbyabusiness.Whichoneofthefollowinglistsconsistsonlyofitemswhichmaybeincludedinthestatementoffinancialpositionvalueofsuchinventories,accordingtoIAS2?本题答案：【Plantdepreciation,carriageinwards,rawmaterials,Supervisor'swages】2、【单选题】WhichoneofthefollowingstatementsabouttheuseofacontinuousinventorysystemisINCORRECT?本题答案：【Acontinuousinventorysystemremovestheneedforperiodicphysicalinventorycounts.】8.2自测题1、【单选题】Whichofthefollowingcostsmaybeincludedwhenarrivingatthecostoffinishedgoodsinventoryforinclusioninthefinancialstatementsofamanufacturingcompany?1Carriageinwards2Carriageoutwards3Depreciationoffactoryplant4Finishedgoodsstoragecosts5Factorysupervisors'wages本题答案：【1,3and5only】2、【单选题】Theclosinginventoryatcostofacompanyat31January20X3amountedto$284,700.Thefollowingitemswereincludedatcostinthetotal:1.400coats,whichhadcost$80eachandnormallysoldfor$150each.Owingtoadefectinmanufacture,theywereallsoldafterthereportingdateat50%oftheirnormalprice.Sellingexpensesamountedto5%oftheproceeds.2.800skirts,whichhadcost$20each.Thesetoowerefoundtobedefective.RemedialworkinFebruary20X3cost$5perskirt,andsellingexpensesforthebatchtotalled$800.Theyweresoldfor$28each.WhatshouldtheinventoryvaluebeaccordingtoIAS2Inventoriesafterconsideringtheaboveitems?本题答案：【$281,200】8.3自测题1、【单选题】Acompanywithanaccountingdateof31Octobercarriedoutaphysicalcheckofinventoryon4November20X3,leadingtoaninventoryvalueatcostatthisdateof$483,700.Between1November20X3and4November20X3thefollowingtransactionstookplace:1Goodscosting$38,400werereceivedfromsuppliers.2Goodsthathadcost$14,800weresoldfor$20,000.3Acustomerreturned,ingoodcondition,somegoodswhichhadbeensoldtohiminOctoberfor$600andwhichhadcost$400.4Thecompanyreturnedgoodsthathadcost$1,800inOctobertothesupplier,andreceivedacreditnoteforthem.Whatfigureshouldappearinthecompany'sfinancialstatementsat31October20X3forclosinginventory,basedonthisinformation?本题答案：【$461,500】2、【多选题】Whichofthefollowingstatementsaboutthevaluationofinventoryarecorrect,accordingtoIAS2Inventories?本题答案：【LIFO(lastin,firstout)cannotbeusedtovalueinventory.#Sellingpricelessestimatedprofitmarginmaybeusedtoarriveatcostifthisgivesareasonableapproximationtoactualcost.】8.4自测题1、【单选题】Inpreparingitsfinancialstatementsforthecurrentyear,acompany'sclosinginventorywasunderstatedby$300,000.Whatwillbetheeffectofthiserrorifitremainsuncorrected?本题答案：【Thecurrentyear'sprofitwillbeunderstatedandnextyear'sprofitwillbeoverstated.】2、【单选题】TheclosinginventoryofXamountedto$116,400excludingthefollowingtwoinventorylines:1.400itemswhichhadcost$4each.Allweresoldafterthereportingperiodfor$3each,withsellingexpensesof$200forthebatch.2.200differentitemswhichhadcost$30each.Theseitemswerefoundtobedefectiveattheendofthereportingperiod.Rectificationworkafterthestatementoffinancialpositionamountedto$1,200,afterwhichtheyweresoldfor$35each,withsellingexpensestotalling$300.WhichofthefollowingtotalfiguresshouldappearinthestatementoffinancialpositionofXforinventory?本题答案：【$122,900】第8单元测验1、【单选题】Openinginventoryofrawmaterialswas$58,000,closinginventorywas$63,000,purchaseswere$256,000,purchasereturnswere$17,000.Whatwascostofsales?本题答案：【$234,000】2、【单选题】FIFO,LIFOandaveragecostareinventoryvaluationmethods.Whichofthefollowingstatementsiscorrect?本题答案：【Whenpricesarerising,FIFOwillproducethehigherprofitfigureofallthesemethods.】3、【单选题】Acompanywhichgivesitssalespersonnel5%ofsalespriceascommission,hasthisinventoryattheyearend:PerunitQuantityCostEstimatedsalespriceBeads2,000$1.50$1.53Buttons1,500$1.25$1.40Bows2,000$1.60$1.50Atwhatvalueshouldthisinventoryberecordedinthefinancialstatements?本题答案：【$7,632】4、【单选题】Acompanyvaluesitsinventoryusingthefirstin,firstout(FIFO)method.At1May20X2,thecompanyhad700enginesininventory,valuedat$190each.Duringtheyearended30April20X3,thefollowingtransactionstookplace:20X21JulyPurchased500enginesat$220each1NovemberSold400enginesfor$160,00020X31FebruaryPurchased300enginesat$230each15AprilSold250enginesfor$125,000Whatisthevalueofthecompany'sclosinginventoryofenginesat30April20X3?本题答案：【$188,500】5、【单选题】Youarepreparingthefinalaccountsforabusiness.Thecostoftheitemsinclosinginventoryis$41,875.Thisincludessomeitemswhichcost$1,960andwhichweredamagedintransit.Youhaveestimatedthatitwillcost$360torepairtheitems,andtheycanthenbesoldfor$1,200.Whatisthecorrectinventoryvaluationforinclusioninthefinalaccounts?本题答案：【$40,755】6、【单选题】Acompanyhasanannualinventorycount,thefactorydidnotceaseproductionduringtheinventorycountandsomegoodsinworkinprogress(cost$5,500)werelatercountedagainandincludedinfinishedgoodsinventory(cost$7,500).Asaresultprofitwas?本题答案：【Overstatedby$5,500】7、【单选题】Grossprofitfor20X3canbecalculatedfrom:本题答案：【Netprofitfor20X3,plusexpensesfor20X3】8、【多选题】WhichofthefollowingmethodsofvaluinginventoryareallowedunderIAS2?本题答案：【Averagecost#FIFO】9、【判断题】Contin