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A company’s trade payables account at 30 September 20X1 is as follows:

TRADE PAYABLES ACCOUNT

$ $

Cash at bank 21,600

Balance b/d 14,000

Balance c/d 11,900

Purchases 19,500 33,500

33,500

What was the balance for trade payables in the trial balance at 1 October 20X0?

A

$14,000 DR

B

$14,000 CR

C

$11,900 DR

D

$11,900 CR

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Chapter5Ledgeraccountsanddoubleentry

The opening balance on the ledger is $14,000 CR, this is the amount that would have appeared in the trial balance at 1

October 20X0

多做几道

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

The accruals concept

C

The going concern concept

D

The business entity concept

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

The accruals concept

C

The going concern concept

D

The business entity concept

According to the IASB's Conceptual Framework for Financial Reporting, which TWO of the following are part of faithful

representation?1 It is neutral2 It is relevant3 It is presented fairly4 It is free from material error

A

1 and 2

B

2 and 3

C

1 and 4

D

3 and4

Which of the following accounting concepts means that similar items should receive a similar accounting treatment?

A

Going concern

B

Accruals

C

Matching

D

Consistency

Listed below are some characteristics of financial information.1 Relevance2 Consistency3 Faithful representation4 Accuracy

Which of these are qualitative characteristics of financial information according to the IASB's Conceptual Framework for

Financial Reporting?

A

1 and 2 only

B

2 and 4 only

C

3 and 4 only

D

1 and 3 only

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