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ACCT1501AccountingandFinancialManagement1A

Mycourses UNSWAUniversityofNewSouthWales COMMUNSWBusinessSchool

ACCTSchoolofAccounting ACCT15015154_00207 OnlineQuizzes OnlineQuiz3

Question1

Theclosingentrytoclosebeginninginventoryusingtheperiodicmethodis:

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Selectone:
a.DrPurchasesCrInventory
b.DrInventoryCrProfitandLossSummary
c.DrProfitandLossSummaryCrInventory
d.DrCostofGoodsSoldCrInventory

Question2

Whichofthefollowingisnotaliquidityratio?

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Selectone:
a.Currentratio
b.Quickratio
c.Debttoequityratio
d.Interestcoverageratio

Question3
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VLtd'srecordsatyearendshowedthattherewere60unitsonhandatcost
of$50each.Astockcountatyearendfoundtherewereonly52unitsof
inventoryonhand.VLtdhadsold100unitsofinventoryinthelastmonth
oftheyearrealisinganetpriceof$45aftersellingcosts.Whichofthe
followingstatementsistrue?

Selectone:
a.Salesinthelastmonthoftheyear$4500

b.Lossofinventory$660
c.Inventoryonhandatyearend$2600
d.Inventoryonhandatyearend$2340

Question4
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SteelTablesLtdisacompanyspecialisingintheproductionofarangeof
steeltablesforoutdooruse.Whichofthefollowingisanexampleofa
manufacturingoverheadcost?
Selectone:
a.Thewagesofapersonconstructingthetables.
b.Thesteelthatgoesintoatable
c.Paintusedforatable
d.Electricitycostsofthefactory

Question5

Depreciationoffactoryequipmentwouldbeclassifiedas:

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Selectone:
a.indirectmaterial.
b.indirectlabour.
c.manufacturingoverhead.
d.asundryexpense.

Question6
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On1January2011,YLtdpurchasedanewmachinefor$500000.The
estimatedscrapvalueofthemachineis$20000.Themachineisdepreciated
straightlineoveritsusefullifeof6years.On31December2013,YLtd
soldthemachinefor$400000toadirectorofthecompany.Thegainorloss
onsaleis:

Selectone:
a.Gainonsale$60000
b.Lossonsale$100000
c.Lossonsale$80000
d.Thereisnogainorloss

Question7
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Whichofthefollowingstatementsabouttheuseoftheweightedaverage
assumptionistrue?

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Selectone:
a.thebalancesheetfigureisbetweentheLIFOandFIFOfigures
b.whenpricesarerising,itshowslowerbalancesheetfiguresthantheLIFO
method
c.whenpricesarefalling,itshowslowerbalancesheetfiguresthantheFIFO
method
d.noneoftheabove

Question8
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WhichofthefollowingsectionsinaCompany'sannualreportisNOT
audited?

Selectone:
a.Directorsreport
b.Financialstatements
c.Notestothefinancialstatements
d.Directorsdeclarationregardingaccountingstandards,trueandfairview
andsolvency

Question9
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ThefollowingquestionrelatestoPQRLtd,whichhasthefollowingratios:
Returnonassets,(ROA)12%Returnonequity(ROE)14%andcurrentratio
(CR)of2:1.
Additionalcreditsalesof$2million(costprice$1.5million)aremade.This
transactionwill:
Selectone:
a.increaseROA,ROEandCR
b.increaseROAandROEbutnotCR
c.increaseROAandCRbutnotROE
d.dononeoftheabove

Question10
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Thefollowingdatarelatestoacompanywithasingleproduct:
Sellingpriceperunit$200
Variablecostsperunit$140
Fixedcosts$130000

Thenumberofunitstoproduceaprofitbeforetaxof$50000is?

Selectone:

a.3000
b.2167
c.900
d.833

Question11
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PeachLtdpurchasedamachinefor$32,000on1January2011.Themachine
isexpectedtohavealifeoffouryearsandnosalvagevalue.Thefinancial
yearendson31December.Thestraightlinemethodofdepreciationis
employed.WhatwillbethebalanceoftheAccumulatedDepreciation
accountat31December2013?
Selectone:
a.$24,000
b.$27,750
c.$31,500
d.$16,000

Question12
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Fillintheblankswiththecorrectwords.
__(i)___costsarecoststhat,___(ii)___,areconstantwithinthe___(iii)__
rangeasthelevelofthecostdrivervaries.
Selectone:
a.(i)variable(ii)intotal(iii)long
b.(i)fixed(ii)onaverage(iii)driving
c.(i)mixed(ii)perunit(iii)real
d.(i)fixed(ii)intotal(iii)relevant

Question13

Whichofthefollowingcouldformpartofasustainabilityreport?

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Selectone:
a.Informationonenergyconsumption,waterconsumptionandemissions
b.Informationonengagementwiththelocalcommunitiesincluding
sponsorship
c.Informationonlabourpractices,productresponsibilitiesandmarket
presence
d.Alloftheabove

Question14
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XLtdpurchasedanewmotorvehiclefor$50000lessatradeinallowanceof
$10000onitsoldvehicle.Thebalanceof$40000waspaidincash.The
companynameandlogoarepaintedontothesidesandroofofthevehicle
atacostof$2000.XLtdinstallspremiumbrakesandmakessuspension
adjustmentsatacostof$5000.Apetrolcardforusewiththenewvehicleis
acquiredatacostof$500.Thenewvehiclecollidedwithpotholeafter
beingpickedupfromthedealershipresultinginthereplacementof2wheel
rimsandtyresatacostof$3000.Whatisthecostofthenewvehiclefor
accountingpurposes?
Selectone:
a.$40000
b.$50000
c.$57000
d.$60500

Question15
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TheaverageinventoryofDyerLtdforyearended31December2008was$70
000.Thenumberofdays'inventoryonhandwas91.25days.Whatwasthe
costofgoodssoldfortheyear?
Selectone:
a.$259000
b.$280000
c.cannotbedeterminedfromtheinformationprovided
d.noneoftheabove

Question16
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TheFrameworkstatesthatanassetshouldberecognisedwhenandonly
when:
i.Theassetpossessesacostorothervaluethatcanbemeasuredreliably
ii.Itislegallyownedbytheentity
iii.Itisprobablethatthefutureeconomicbenefitsembodiedintheasset
willeventuate
Selectone:
a.iandiionly
b.iandiiionly
c.iiandiiionly
d.i,iiandiii

Question17

Anorganisationhasdirectcontrolovertheamountofemissionsitcreates

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through:

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Selectone:
a.itsuseoffueltooperatemachinery
b.outsourcingprintingactivities
c.useofelectricitysuppliedbyanelectricalcompany
d.anorganisationdoesnothavedirectcontroloveremissions.

Question18

Theconceptofcostvolumeprofitanalysisisbasedonclassifyingcostsas:

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Selectone:
a.fixedandvariablecosts.
b.variableproductandperiodcosts.
c.productcontrollableanduncontrollablecosts.
d.fixedandvariablecostsANDvariableproductandperiodcosts.

Question19
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Patrickisaparttimeaccountingstudentwhodoestenniscoachingduring
theday.Hereceivesrevenueof$30000fromclientsforcoachingandball
salesduringtheyear.Atyearend,Patrickcoachesoneclientwhooweshim
$200forthelesson.Hepaidout$10000forcourthireandpurchaseof
tennisballsforresale.Heowes$1000tothecourtowneratyearend.
Depreciationonhisequipmentamountsto$400.Accrualprofitis:
Selectone:
a.$19,200
b.$19,000
c.$18,800
d.$18,600

Question20
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CreepLtdpurchasedamachinefor$100000on1January2008.Ithasan
estimatedusefullifeof5years.CreepLtd'sfinancialperiodendson31
December.Themachinewasdepreciatedusingthereducingbalance
methodat60%.Whatwasthebalanceofaccumulateddepreciationat31
December2010?
Selectone:
a.$84000
b.$93600
c.$97440
d.noneoftheabove

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