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17 Which of the following statements are correct?(1) All non-current assets must be deprec
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15 What journal entry is required to record goods taken from inventory by the owner of a b
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13 At 1 January 2005 a company had an allowance for receivables of $18,000At 31 December 2
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12 Which of the following statements are correct?(1) Contingent assets are included as ass
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11 Which of the following statements are correct?1 A company might make a rights issue if
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10 What would the company’s profit become after the correction of the above errors?A $634,
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The following information is relevant for questions 9 and 10A company’s draft financial st
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8 Which of the following statements about accounting concepts and conventions are correct?
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6 Ordan received a statement from one of its suppliers, Alta, showing a balance due of $3,
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5 Which of the following events after the balance sheet date would normally qualify as adj
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2 Which of the following are correct?1. The balance sheet value of inventory should be as
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(c) In August 2004 it was discovered that the inventory at 31 December 2003 had been overs
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(b) During the inventory count on 31 December, some goods which had cost $80,000 were foun
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5 The directors of Quapaw, a limited liability company, are reviewing the company’s draft
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(b) Ratio analysis in general can be useful in comparing the performance of two companies,
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4 (a) A company may choose to finance its activities mainly by equity capital, with low bo
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2 The draft financial statements of Choctaw, a limited liability company, for the year end
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24 What figure should appear in the consolidated balance sheet of the J group as at 31 Dec
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22 Which of the following statements about limited liability companies’ accounting is/are
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21 Which of the following statements about contingent assets and contingent liabilities ar
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