Study our complete repository of 16 questions for Deloitte Financial Accounting. Review pattern principles, analysis methods, and prepare for candidate assessments at your own pace.
The following items relate to the bank account of Exe Ltd. Balance on Jan 1st, 2012 = EUR 4,500 (in hand), total payments in 2012 were EUR 45,800, total receipts in 2012 were EUR 36,900, bank charges not yet entered into the bank account were EUR 1,200. What was the correct closing bank balance on Dec 31, 2012?
From the given image of transactions occurring in an organization, calculate the gross working capital available to the company. | DESCRIPTION | AMOUNT | | :--- | :--- | | Pension | 4,00,000 | | Lease | 7,50,000 | | Business Loan | 10,00,000 | | Account payable | 2,00,000 | | Net fixed assets | 3,00,000 |
An account enters details of returned goods that were initially sold on credit into the corresponding subsidiary book. Which of the following indicated the correct way of periodic transfer of information from this book to the main ledger?
A company's total liability and shareholders equity amount to JPY 850,000, long term asset are JPY 500,000, accounts receivables JPY 50,000, and inventory JPY 100,000. The only other current asset account shown on the balance sheet is cash. The value of cash would be:
'Accounting policies should not be changed from one period to another period' is based on the principle of:
While preparing a bank reconciliation statement, identify the consequence of the following on the balance as per the cash book; 1. Deposit recorded twice in the cash book. 2. Overcasting of payment side on cash book.
Manufacturing profit is sometimes added to the cost of goods manufactured before it is transferred to the trading account in order to compare more fairly the total cost with prices which would be charged by another manufacturer. Which of the following statements regarding this approach is correct?
At the end of the accounting period the provision is made for the amount outstanding for the electricity that has been consumed during the said period. The statement is based on:
According to which of the following principles, all costs which are applicable to revenue of the period should be charged against that revenue?
Consider the following given basic accounting terms and identify the one which is not defined correctly.
A business has prepared its accounts for a financial year and these show a profit of DKK 500,000. The accounts do not include the following items: • a likely loss on a contract of DKK 25,000 • a possible Court ruling in favor of the company which is likely to increase profits by DKK 10,000 • a possible Court ruling against the company which would result in damages of between DKK 5,000 to DKK 15,000 Having regard to the fundamental accounting concepts, which of the following revised profit figures is correct when the above factors are taken in to account?
A set of wooden scaffolds were purchased at 1500 with a lifetime of 3 years. If the scrap value of the set is 300. Calculate the depreciation of the set
Jones Co. had 50,000 shares of $5 par value common stock outstanding at January 1. On August 1, Jones declared a 5% stock dividend followed by a two-for-one stock split on September 1. What amount should Jones report as common shares outstanding at December 31?
A certain product is destined for delivery, but proof of delivery is unavailable at the end of an accounting period. What will be the accountant clarity this transaction as?
Accounting is also defined as an 'Information System' because
Company AB is selling goods on credit valued at USD 35,000 to a customer. At which of the following points of the sales cycle this sale would be recognized in the accounts?