A company is preparing its accounts to 30 November. The latest gas bill received by the company was dated 30 September and included usage charges for the quarter 1 June to 31 August of $5,700 and a service charge of $1,200 for the quarter 1 October to 31 December. It is estimated that the gas bill for the following quarter will be a similar amount.
What will be the amount of the accrual shown in the accounts at 30 November 2006?
Comany D recently purchased an intangible asset from CompanyJFY, which was priced at £150,500, which Company D paid, along a goodwill amount that totalled 25% of the asking price.
Company D has estimated that the purchased entity will have a useful life of 35 years. Company D has decided to amortise the cost of the new asset using the straight line method.
What will the amortisation figure per annum be for Company D's new entity?
Refer to the Exhibit.
A company operates a FIFO system of inventory valuation. The following information is available for the month of April:
The closing value of inventory at the end of the month of April is
HJK has maintained minimal accounting records during the year but has the following information available:
HJK charges a mark-up on all goods sold of 25%. What is HJK's gross profit for the year?
A company has a debt/equity ratio of 50%. If the company's total equity is $750,000, what is the gearing ratio for the company?
Which one of the following best describes the purpose of an external audit of financial statements?
In accordance with IAS 7 Statements of Cash Flow, which TWO of the following are cash flows presented as investing activities?
Internal controls are used to prevent errors occurring, as well as to detect errors which may have already occurred.
Which one of the following is an example of a 'prevent' control?
What is the balance of the trading account?
Which THREE of the following are subsidiary bodies of the IFRS Foundation?
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