The following transactions relate to Rashid's electricity expense ledgers for the*A.year ended 30th June 2009.Ugx.550Prepayments brought forwardCash paidAccrual carried forwardWhat amount should be charged to the statement of profit or loss in the yearended 30th June 2009 for electricity?a) Ugx 6,600b) Ugx 5,400c) Ugx 5,500d) Ugx 5,3005,400650A company's statement of profit or loss for the year ended 31* December 2005showed a net profit of Ugx 83,600. It was later found that Ugx 18,000 paid thepurchase of the motor van had been debited to the motor expenses account. I isthe company's policy to depreciate motor vans at 25% per year on the straight-line basis, with a full years charge in the year of acquisition. What would the netprofit be after adjusting for this eror?a) Ugx 96,100b) Ugx 90,600c)' Ugx 91,700d) Ugx 97,100vi.vii. Which two of the following errors would cause the total of the debit column andthe total of the credit.column of the trial balance not to agree?1. A transposition error was made when entering a sales invoice into the salesday book.2. A purchase of a non-current asset was omitted from the accounting records.3. A cheque, received from a customer was credited to cash and correctlyrecognized in receivables.4. Rent received was included in the trial balance as a debit balance.a) 1 & 3b) 2 & 3c) 3 & 4d) 1 & 4e) 2 & 4viii. Which of the following statements are true about limited liability companies1. The company exposure to debt and liability is limited.2. Financial statements must be produced.3. A company continues to exist regardless of the identity of its owners.a) 2 & 3 onlyb) 1, 2, and 3c) i and 3 onlyd) 1 and 2 only.Which of the following explains the imprest system of operating petty cash?a) Regular equal amounts of cash are transferred into the petty cash at intervals.ix.44Page 3 of 6

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The following transactions relate to Rashid's electricity expense ledgers for the year ended 30h June 2009. v. Ugx. 550 Prepayments brought forward Cash paid Accrual carried forward What amount should be charged to the statement of profit or loss in the year ended 30th June 2009 for electricity? a) Ugx 6,600 b) Ugx 5,400 c) Ugx 5,500 d) Ugx 5,300 5,400 650 A company's statement of profit or loss for the year ended 31* December 2005 showed a net profit of Ugx 83,600. It was later found that Ugx 18,000 paid the purchase of the motor van had been debited to the motor expenses account. I is the company's policy to depreciate motor vans at 25% per year on the straight- line basis, with a full years charge in the year of acquisition. What would the net profit be after adjusting for this eror? a) Ugx 96,100 b) Ugx 90,600 c) Ugx 91,700 d) Ugx 97,100 vi.

The following transactions relate to Rashid's electricity expense ledgers for the year ended 30h June 2009. v. Ugx. 550 Prepayments brought forward Cash paid Accrual carried forward What amount should be charged to the statement of profit or loss in the year ended 30th June 2009 for electricity? a) Ugx 6,600 b) Ugx 5,400 c) Ugx 5,500 d) Ugx 5,300 5,400 650 A company's statement of profit or loss for the year ended 31* December 2005 showed a net profit of Ugx 83,600. It was later found that Ugx 18,000 paid the purchase of the motor van had been debited to the motor expenses account. I is the company's policy to depreciate motor vans at 25% per year on the straight- line basis, with a full years charge in the year of acquisition. What would the net profit be after adjusting for this eror? a) Ugx 96,100 b) Ugx 90,600 c) Ugx 91,700 d) Ugx 97,100 vi.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 5SEQ: The balance in the unearned rent account for Jones Co. as of December 31 is $1 ,20(). If Jones Co....

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