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BA3 – Fundamentals of Financial Accounting

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Showing 13–15 of 15 questions

Question 13

The sales ledger control account shows a balance of $267,984 whilst the individual customer account balances total $262,856.

Which of the following is a possible explanation for the difference between the two?

(i) A payment has been recorded in the cashbook but not in the sales ledger

(ii) A payment has been recorded in the sales ledger but not in the cashbook

(iii) An invoice has been recorded in the sales ledger but not in the sales day book

(iv) An invoice has been recorded in the sales day book but not in the sales ledger

Select an option, then click Submit answer.

  • ○

    (i) and (iii) only

  • ○

    (ii) and (iv) only

  • ○

    (i) and (iv) only

  • ○

    (ii) and (iii) only


Question 14

CORRECT TEXT

GG has the following statement of profit or loss extract for the year ended 31 December

20X3

What is the interest cover for GG for the year ended 31 December 20X3?

Select an option, then click Submit answer.

  • ○

    2.8 times

  • ○

    4.0 times.

  • ○

    4.5 times

  • ○

    3.5 times

Question 15

Refer to the exhibit.

Harvey commenced business with capital of $50,000. At the end of the first financial year, he has

What was the profit for the period?

Select an option, then click Submit answer.

  • ○

    $7,000 profit

  • ○

    $7,000 loss

  • ○

    $23,000 profit

  • ○

    $23,000 loss