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A、A debit to Petty Cash of $350.
B、A credit to Cash of $350.
C、A debit to various expenses of $150.
D、No journal entry; an entry is needed only when the petty cash fund is created or discontinued.
答案
更多“On October 1, Wong Company established a petty cash fund of $500. The journal entry to”相关的问题
第1题
On 1 October 20X4, Flash Co acquired an item of plant under a five-year lease agreement. The plant had a cash purchase cost of $25m. The agreement had an implicit finance cost of 10% per annum and required an immediate deposit of $2m and annual rentals of $6m paid on 30 September each year for five years.
What is the current liability for the leased plant in Flash Co’s statement of financial position as at 30 September 20X5？
A、$19,300,000
B、$4,070,000
C、$5,000,000
D、$3,850,000
第2题
The research stage of the new project lasted until 31 December 20X7 and incurred $1.4 million of costs.From that date the project incurred development costs of $800,000 per month.On 1 April 20X8 the directors became confident that the project would be successful and yield a profit well in excess of costs.The project was still in development at 30 September 20X8.Capitalised development expenditure is amortised at 20% per annum using the straight line method.
What amount will be charged to profit or loss for the year ended 30 September 20X8 in respect of research and development costs().
A、$8,280,000
B、$6,880,000
C、$7,800,000
D、$3,800,000
第3题
The individual statements of financial position at 31 December 20X5 for both companies show the following:
What will be the total inventories figure in the consolidated statement of financial position of Patula Co as at 31 December 20X5？
A.$5,250,000
B.$5,330,000
C.$5,130,000
D.$5,238,000
第4题
What is the total provision (extraction plus dismantling) which Xplorer would report in its statement of financial position as at 30 September 2014 in respect of its oil operations().
A、$34,900,000
B、$24,532,000
C、$22,900,000
D、$4,132,000
第5题
A、Should not be recorded in the accounting records until October
B、Causes a decrease in assets and in owners' equity in October when the bill is paid
C、Should be recorded as an expense of September, regardless of the payment date
D、Is recorded as a liability in September, but is not considered an expense until paid.
第6题
THOMAS EDISON
On the night of 21 October 1931, millions of Americans took part in a coast-to-coast ceremony to commemorate the passing of a great man. Lights 【B1】______ in homes and offices from New York to California. The ceremony 【B2】______ the death of an inventor—indeed, to many people, the most important inventor of 【B3】______ time: Thomas Alva Edison.
Few inventors have 【B4】______ an impact as great as his on everyday life. While most of his 1 000- plus inventions were devices we no 【B5】______ use, many of the things he invented played a crucial 【B6】______ in the development of modern technology, simply by showing what was possible. And one should never 【B7】______ how amazing some of Edison's inventions were.
In so many ways, Edison is the perfect example of an inventor, by which I 【B8】______ not just someone who 【B9】______ up clever gadgets, but someone whose products transform. the lives of millions. He possessed the key characteristics that an inventor needs to 【B10】______ a success of inventions. Sheer determination is certainly one of them. Edison famously tried thousands of materials while working 【B11】______a new type of battery, reacting to failure by cheerfully 【B12】______to his colleagues: 'Well, 【B13】______we know 8 000 things that don't work.' Knowing when to take no 【B14】______ of experts is also important. Edison's proposal for electric lighting circuitry was 【B15】______ with total disbelief by eminent scientists, until he lit up whole streets with his lights.
【B1】______
A．turned out
B．came off
C．went out
D．put off
第8题
The People's Republic of China was founded ______ ．
A．on October 1,1949 B．on October 1st,1949
C．in October 1,1949 D．in October 1st,1949
第9题
A.well
B.enquiry
C.of
D.of
第10题
(a) IAS 37 Provisions, contingent liabilities and contingent assets prescribes the accounting and disclosure for those items named in its title.
Required:
Define provisions and contingent liabilities and briefly explain how IAS 37 improves consistency in financial reporting.
(b) The following items have arisen during the preparation of Borough’s draft financial statements for the year ended 30 September 2011:
(i) On 1 October 2010, Borough commenced the extraction of crude oil from a new well on the seabed. The cost of a 10-year licence to extract the oil was $50 million. At the end of the extraction, although not legally bound to do so, Borough intends to make good the damage the extraction has caused to the seabed environment. This intention has been communicated to parties external to Borough. The cost of this will be in two parts: a fixed amount of $20 million and a variable amount of 2 cents per barrel extracted. Both of these amounts are based on their present values as at 1 October 2010 (discounted at 8%) of the estimated costs in 10 years’ time. In the year to 30 September 2011 Borough extracted 150 million barrels of oil.
(ii) Borough owns the whole of the equity share capital of its subsidiary Hamlet. Hamlet’s statement of financial position includes a loan of $25 million that is repayable in five years’ time. $15 million of this loan is secured on Hamlet’s property and the remaining $10 million is guaranteed by Borough in the event of a default by Hamlet. The economy in which Hamlet operates is currently experiencing a deep recession, the effects of which are that the current value of its property is estimated at $12 million and there are concerns over whether Hamlet can survive the recession and therefore repay the loan.
Required:
Describe, and quantify where possible, how items (i) and (ii) above should be treated in Borough’s statement of financial position for the year ended 30 September 2011.
In the case of item (ii) only, distinguish between Borough’s entity and consolidated financial statements and refer to any disclosure notes. Your answer should only refer to the treatment of the loan and should not consider any impairment of Hamlet’s property or Borough’s investment in Hamlet.
Note: the treatment in the income statement is NOT required for any of the items.
The following mark allocation is provided as guidance for this requirement:
(i) 5 marks
(ii) 4 marks
