Financial Information: Labour Brokers- Assessment Answer
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Task: 1. Which of the following users is not a user of financial information? (1) Suppliers and other trade payables. (2) Public (3) Government (4) Labour brokers (5) Employees 2. What is, according to the framework, the underlying assumption for financial statements? (1) Comparability (2) Faithful representation (3) Going concern (4) Understandability (5) Verifiability 3. What will the journal entry be if an entity buys inventory on credit when the periodic inventory system is in use (Ignore any VAT implications.)? (1) Debit purchases account and credit trade payables control account. (2) Debit purchases account and credit bank account. (3) Debit cost of sales account and credit trade payables control account. (4) Debit inventory account and credit trade payables control account. (5) Debit inventory account and credit bank account. 4. What will the journal entries be if an entity sells goods on credit when the perpetual inventory system is in use (Ignore any VAT implications.)? (1) Debit trade receivables control and credit inventory (selling price); debit cost of sales and credit sales (cost price). (2) Debit bank and credit sales (selling price); debit cost of sales and credit inventory (cost price). (3) Debit trade receivables control and credit sales (selling price); debit inventory and credit cost of sales (cost price). (4) Debit trade receivables control and credit sales (selling price); debit cost of sales and credit inventory (cost price). (5) Debit trade receivables control and credit sales (selling price); debit purchases and credit inventory (cost price). 5. Nomzi Traders sold furniture to a customer for R1 596 cash, the mark up on cost is 15%. Assuming Nomzi Traders uses a perpetual inventory system, is a registered VAT vendor and the VAT rate is 14%. What will the cost of sales be for this transaction? (1) R1 400,00 (2) R1 387,83 (3) R1 217,39 (4) R1 237,21 (5) R1 190,00 6. Nana Traders sold goods for R1 140, inclusive of VAT at 14%, to Henry Traders. Henry Traders paid cash and received a trade discount of 10% on the amount. What will the total in the sales column in the cash receipts journal be? 1) R1 026 2) R 900 3) R1 126 4) R1 040 5) R 986 7. The total of the bank column in the cash payments journal after taking the additional information as well as the information on the bank statement into account will be: (1) R48 250 (2) R50 831 (3) R51 581 (4) R50 381 (5) R51 131 8 The total of the outstanding cheques on the bank reconciliation statement at 31 May 2017 will be: (1) R12 035 (2) R10 835 (3) R12 485 (4) R 7 750 (5) R 9 285 9. A cheque is stale if it is older than ... (1) 6 months. (2) 12 months. (3) the financial year end. (4) 9 months. (5) 3 months. 10. Where will the cancellation of a stale cheque be recorded? (1) In the bank column of the cash payments journal. (2) In the bank account in the general ledger. (3) In the bank column of the cash receipts journal. (4) On the debit side of the bank reconciliation statement. (5) On the credit side of the bank reconciliation statement. 11. Cheque no 736 for R1 535, issued to Best Foods for food purchased was incorrectly recorded in the cash payments journal for April 2017 as R1 835 must be corrected by making an entry ... (1) in the cash payments journal for R1 835. (2) in the cash receipts journal for R1 835. (3) in the cash payments journal for R300. (4) in the cash receipts journal for R300. (5) of R1 835 on the debit side of the bank reconciliation statement 12. For additional information (c)(iii) what will the entry in the trade receivables control account be? (1) R2 070 credit (2) R6 890 credit (3) R8 960 credit (4) R8 960 debit (5) R2 070 debit 13. What will the journal entry for additional information (c)(v) be? (1) debit allowance for credit losses account with R237 and credit trade receivables control account as well as the account of Slot Stationers with R237. (2) debit trade receivables control account as well as the account of Slot Stationers with R237 and credit allowance for credit losses account. (3) debit credit losses account as well as the account of Slot Stationers with R237 and credit trade receivables control account with R237. (4) debit credit losses account with R237 and credit trade receivables control account as well as the account of Slot Stationers with R237. (5) debit trade receivables control account as well as the account of Slot Stationers with R237 and credit credit losses account with R237 14. What will the journal entry to correct the error for additional information (c)(vi) be? (Exclude the settlement discount granted transaction.) (1) debit trade receivables control account as well as Emily Suppliers and credit sales account. (2) debit sales account and credit trade receivables control account as well as the account of Emily Suppliers. (3) debit the account of Emily Suppliers. (4) debit the trade receivables control account. (5) debit sales as well as the account of Emily Suppliers and credit trade receivables control. 15. For additional information (c)(vi), what will the entry for settlement discount granted in the trade receivables control account be? (1) R1 980 credit (2) R1 850 credit (3) R 130 credit (4) R 130 debit (5) R1 850 debitBuy Financial Information: Labour Brokers- Assessment Answer Online
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