BA3 Exam Dumps - Fundamentals of financial accounting

Select the THREE INCORRECT statements from the following list of statements about memorandum accounts:

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?

As well as independence other essential elements of internal audit can be identified.

Which THREE of the following would be classed as essential elements of internal audit?

DEF prepares its financial statements to 30 September each year On 1 March 20X5 DEF acquires an office and immediately rents it to a tenant charging $2,400 a quarter payable in advance.

The tenant pays $2,400 on each of the following days 1 March 20X5, 6 June 20X5, 4 September 20X5 and 1 December 20X5.

What is the liability reported in the statement of financial position relating to the rent at 30 September 20X5?

MNO operates an imprest system to maintain a float of petty cash of 5100 At the end of the week the petty cash expense vouchers total $76 and there is $36 cash in the float. Which of the following, taken independently, would explain this difference of $10?

It underpins all accounting standards and provides the platform from which all future standards will be developed.

Which ONE of the following is described above?

Refer to the Exhibit.

The following information is available relating to the non-current assets of Company X:

Non-current assets that had originally cost $225,000 and had a carrying value of $105,000 were sold during the year.

The figure for purchases of non-current assets to be shown in the statement of cash flows will be, to the nearest $1,000:

Refer to the Exhibit.

The following information is available for a company for the period:

The value of sales invoices for the period was: