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The following receivables ledger control account prepared by a trainee accountant contains a number of errors:

RECEIVABLES LEDGER CONTROL ACCOUNT

$ $

20X4 20X4

1 Jan Balance 614,000 31 Dec Credit sales 301,000

31 Jan Cash from credit customers 311,000 Discounts allowed 3,400

Contras against amounts Irrecoverable debts

due to suppliers in written off 32,000

payables ledger 8,650 Interest charged on overdue

accounts 1,600

Balance 595,650 933,650

933,650

What should the closing balance on the control account be after the errors in it have been corrected?

A

$561,550

B

$578,850

C

$581,550

D

$568,350

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Chapter14Controlaccounts

$ $

Opening balance 614,000 Cash from customers 311,000

Credit sales 301,000 Discounts allowed 3,400

Interest charged on overdue Irrecoverable debts written off 32,000

accounts 1,600 Contras 8,650

916,600 Closing balance 561,550

916,600

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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