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DRAG DROP
CDE, an entity registered for sales tax, purchases a piece of equipment for cash on 31 December 20X6 for $30,000 including sales tax. The sales tax rate is 20%. What is the journal entry required to record this transaction in the nominal ledger?
Place the labels in the corresponding position in the table below:
Answer is in the explanation below.
There are four separate but related bodies which control the setting of International accounting standards (IFRS’s).
Which THREE of the following are included in the standard setting process?
Select all that apply, then click Submit answer.
International Accounting Standards Board (IASB)
Accounting Standards Board (ASB)
International Financial Reporting Interpretations Committee (IFRIC)
Chartered Institute of Management Accountants (CIMA)
Financial Accounting Standards Board (FASB)
International Accounting Standards Committee Foundation (IASCF)
Fraud will only be prevented successfully if potential fraudsters perceive the risk of detection as high.
Which THREE of the following are ways to prevent fraud?
Select all that apply, then click Submit answer.
Sufficient internal control systems
Computerized accounting systems
Continuous supervision of all employees
Regular reconciliations
Surprise audit visits
Maintaining books of prime entry
