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As the Junior Bank Clerk of a business, one of your monthly tasks is to prepare the bank reconciliation statement.
At the month ending 31 January 2012, the bank statement has been compared with the cash book and the following differences identified:
1. A BACS receipt of £1,600 from a customer has not been entered in the cash book.
2. A cheque for £458 has been incorrectly entered in the cash book as £485.
3. Cheques totalling £900 paid into the bank at the end of the month are not showing on the bank statement.
4. Bank interest received of £25 was not entered in the cash book.
The balance showing on the bank statement is a credit of £2,600 and the balance in the cash book is a debit of £1,848.
Changes in Variable Cost and Selling Price per Unit The contribution sales ratio is affected by any change in variable cost or selling price per unit. This ratio is a mea
Assume the same facts as in 1A above, except that the interest payment checks were placed on the shareholders' office on December 31, 2012. However, the shareholders are not in the
The following facts have been extracted from the standard cost card for product X:
A corporation acquired a truck on July 1, 2012, at a cost of $162,000. The truck has a six-year useful life and an estimated salvage value of $18,000. The straight-line method of d
A normal job-order costing system is a system that uses : A. actual costs for direct materials and estimated costs for direct labor and overhead B. estimated costs
why is there a need for cost accounting?
A Market Value Schedule (in one report),for the complex. This schedule should show the market value of the complex at the end of each year of the project. Valuation method and oth
Most of David's clients are local. However, a few of his clients require out of town travel. He incurred $2,500 of airfare, $1,570 in lodging and $1,313 in meals relating to the bu
You have recently graduated from VU and are now working for a small accounting firm. The firm recently purchases MYOB software for internal use. Upon learning that you had learnt M
Loring Company had the following data for the month: Variable costs per unit: Direct Materials $4 Direct Labor 3.20 Variable Overhead 1 Variable selling expense 0.40 Fixed Ov
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