During the year, Penso Ltd received $50,000 from its customers, $5 000 for the sale of a motor vehicle and $20,000 for the issue of shares. It paid $27,000 to suppliers and employees, $3,000 for income tax and $50,000 for new machinery. In addition, it paid out $12,000 as loan repayments. Its cash balance at the commencement of the year was $19,000. What were the cash flows from financing activities? a. $8 000 b. $20,000 c. ($12,000) d. ($28,000) Which method can result in annual depreciation expense going up and down from period to period? a. Reducing balance b. Units of production c. Straight line d. Both Straight line and Reducing Balance During year ended 30 June 2019, Rugger Ltd had net sales of $256 000. Inventory at 1 July 2018 was $30 000, and at 30 June 2019 it was $23 000. Purchases were $115 000. What was the gross profit for year ended 30 June 2019? a. $12,000 b. $134,000 c. $141,000 d. $99,000 The Global Reporting Initiative sets out: a. guidelines on how to reduce carbon emissions. b. principles to measure and report measures used to reduce carbon emissions. c. principles to measure and report economic, environmental and social performance. d. how organisations should behave ethically in regards to carbon emissions.
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
During the year, Penso Ltd received $50,000 from its customers, $5 000 for the sale of a motor vehicle and $20,000 for the issue of shares. It paid $27,000 to suppliers and employees, $3,000 for income tax and $50,000 for new machinery. In addition, it paid out $12,000 as loan repayments. Its cash balance at the commencement of the year was $19,000. What were the cash flows from financing activities?
a.
$8 000
b.
$20,000
c.
($12,000)
d.
($28,000)
Which method can result in annual
a.
Reducing balance
b.
Units of production
c.
Straight line
d.
Both Straight line and Reducing Balance
During year ended 30 June 2019, Rugger Ltd had net sales of $256 000. Inventory at 1 July 2018 was $30 000, and at 30 June 2019 it was $23 000. Purchases were $115 000. What was the gross profit for year ended 30 June 2019?
a.
$12,000
b.
$134,000
c.
$141,000
d.
$99,000
The Global Reporting Initiative sets out:
a.
guidelines on how to reduce carbon emissions.
b.
principles to measure and report measures used to reduce carbon emissions.
c.
|
principles to measure and report economic, environmental and social performance. |
d.
|
how organisations should behave ethically in regards to carbon emissions. |
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