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The bank statement on 31 October 20X7 showed an overdraft of $800. On reconciling the bankstatement, it was discovered

that a cheque drawn by your company for $80 had not been presented for payment, and that a cheque for $130 from a

customer had been dishonoured on 30 October 20X7, but that this had not yet been notified to you by the bank.What is the

correct bank balance to be shown in the statement of financial position at 31 October 20X7?

A

$1,010 overdrawn

B

$880 overdrawn

C

$750 overdrawn

D

$720 overdrawn

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Chapter15Bankreconciliations

$

Balance per bank statement (800)

Unpresented cheque (80)

Dishonoured cheque (affects cash book only) (880)

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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