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Questions and Answers
What is the accumulated depreciation of the vehicle on disposal?
What is the accumulated depreciation of the vehicle on disposal?
- $21 000 (correct)
- $9000
- $22 500
- $7500
What type of account would the motor vehicle be charged to?
What type of account would the motor vehicle be charged to?
- Motor liabilities
- Motor expenses (correct)
- Motor assets
- Motor revenues
What is the profit on disposal of the vehicle?
What is the profit on disposal of the vehicle?
- $30 000
- $7500
- $9000
- $1500 (correct)
What is the carrying value of the vehicle at the time of disposal?
What is the carrying value of the vehicle at the time of disposal?
What is the cost of the vehicle to the transport business?
What is the cost of the vehicle to the transport business?
What type of business structure is described in the passage?
What type of business structure is described in the passage?
What is the correct sales figure to be reported in the trading account for the year ended 30 November 2008?
What is the correct sales figure to be reported in the trading account for the year ended 30 November 2008?
Which accounting principle is described in the text?
Which accounting principle is described in the text?
What is the correct balance on the suspense account?
What is the correct balance on the suspense account?
What journal entry corrects the error in the trial balance?
What journal entry corrects the error in the trial balance?
What is the cost price of goods sold on a sale or return basis?
What is the cost price of goods sold on a sale or return basis?
What is the invoice price of goods sold on a sale or return basis?
What is the invoice price of goods sold on a sale or return basis?
What is the purpose of a suspense account?
What is the purpose of a suspense account?
What is the effect on the balance sheet when a business sells stock on credit?
What is the effect on the balance sheet when a business sells stock on credit?
What is the cost price of the equipment that was sold for $6000 with a profit of $1590?
What is the cost price of the equipment that was sold for $6000 with a profit of $1590?
What is included in the prime cost of manufacturing?
What is included in the prime cost of manufacturing?
What is the factory cost of goods manufactured if the selling price per widget is $25 and the cost plus pricing is 20%?
What is the factory cost of goods manufactured if the selling price per widget is $25 and the cost plus pricing is 20%?
