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You are assisting the accountant on the preparation of the final accounts of a business with a year-end of 31 December. A trial balance has been drawn up and a suspense account opened with a debit balance of £1,235. On investigating the reason for the suspense account, you discover the following errors below that now need to be corrected for the year ended 31 December 2011.
Record the journal entries needed in the general (nominal, main) ledger to deal with the items below by
Note: do not provide any descriptions or narratives for the corrections and do not enter zeros into unused column cells. Ignore VAT for this activity.
(a) Entries need to be made for an irrecoverable debt of £680 entered correctly in the sales ledger only
(b) Stationery costing £195 have been paid by cheque. The correct entry was made to the bank account but no other entries were made.
(c) No entries have been made for closing inventory for the year-end 31 December 2011. Closing inventory has been valued at cost at £22,500. Included in this figure are some items costing £3,000 that will be sold for £2,700.
A firm's fixed costs for 0 units of output and its average total cost of producing different output levels are summarized in the table below. Complete the table to find the fixed c
Using the table below, calculate the amount of overall increase of your purchasing power over the period of 5 years given the annual investment return rates and annual inflation ra
9. When in the management process do managers seek an answer to the question "Did we meet our cost-reduction goals for non-value-adding activities?" a. Planning b. Performing c. Ev
I WENT TO MAKE ONE ASSIGNMENT CAN YOU GIVE ME QUOTE OR LINK TO SHARE ASSIGNMENT DETAIL
Costs and Revenue Cost of the development work done in-house to 1 January 2009 has been £1.5m with a further cost of £50,000 per month from now until the software is ready
Prepare a spreadsheet of an overhead budget for the company in Problem 5 on page 216 of the textbook. You have been running a construction company out of your home with your spouse
MARGINAL COSTING Vs DIRECT COSTING Direct costing is the method where only direct costs are measured while calculating the cost of the product. Indirect costs are met in opposi
Absorption Costing, Marginal Cost and Marginal Costing Absorption costing is most often utilized for routine profit reporting and must be utilized for financial accounting rea
Attainable Standards and Current Standards Although the standard must be set high sufficient that achievable and it has to be worked for. Attainable standards must provide a c
First In First Out or FIFO Method - Work in Progress This method considers merely those costs incurred throughout the recent period. Equivalent units are calculated given a
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