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Practice questions:
Rex Bendall starts an agricultural fencing business. Wellworth Fencing. with £50.000 capital which he has inherited.
On 1 June 1998 he opens a bank account for the business and pays in the capital into it. buys a lorry for £16.000. pays for insurance costing £1.400 and pays 3 months' rent on premises in advance of £4.500. On 2 June he purchases equipment for £5.400 and fencing materials from Timber Supplies for £850.
In addition he pays for advertising in the local press which costs £420. On 4 June he buys a further £120 of fencing materials from Timber Supplies on credit. Draw up the books of accounts.
Describe the finance and investment cycle, including typical source documents and controls. Give an example of an error or fraud in the accounting for capital transactions and investments, and an investigative procedure to detect it.
Top management at radio 2UE ordered the station's broadcaster not to make derogatory comments about McDonald's on air or the station would lose its $170,000 advertising account with the fast-food chain, according to a leaked in internal memo.
In 2013, internal auditors discovered that Fay, Inc. had debited an expense account for the $5,520,000 cost of a machine purchased on January 1, 2010. The machine's useful life was expected to be 23 years with no residual value. Straight-line depreci..
If this investor believed that by owning the company he could extract &5000 per year in cash from the company in perpetuity, Illustrate what do think the investor would be willing to pay for the firm if the required return on the investment is 10%..
Demonstrate an ability to provide eliminating as well as adjusting entries in the preparation of consolidated worksheets and understand the difference between pre-control and post-control transactions.
What amount should Fara report in its 2010 statement of cash flows for redemption of bonds payable?
Acorn Corp. had total variable costs of $193,984, total fixed costs of $150,048, and total revenues of $303,100. Compute the required sales in dollars to break even.
What would happen to autonomous consumption if household debt fell and the interest rate rose over the same time period? What would happen to autonomous consumption if real wealth increased and expectations of the future became more optimistic?
Compute the rate of depreciation per year to be applied to the plant assets under the composite method. Prepare the adjusting entry necessary at the end of the year to record depreciation for Year 1.
Indicate the effect of each transaction on the accounting equation elements by listing the numbers identifying the transactions,
Develop the standard cost for the direct-cost components of a 10-gallon batch of strawberry jam - Compute estimated cash collections during October from credit sales.
You are required to prepare a report for your client which explains these terms and critically examines their significance in the context of the accounts published by the Lloyds Banking Group for the half-year to June 2012.
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