Questions from General Accounting


Q: Pete has extracted the following trial balance from his books of account

Pete has extracted the following trial balance from his books of account as at 31 May 2020: Required: Prepare Pete’s statement of profit or loss and statement of retained earnings f...

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Q: Radford presents you with the following information for the year to 31

Radford presents you with the following information for the year to 31 March 2021 He is not sure how to value the inventory as at 31 March 2021. Three methods have been suggested. They all result in d...

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Q: Wotton commenced business on 1 July 2019. The following trial balance

Wotton commenced business on 1 July 2019. The following trial balance was extracted fromhis books of account as at 30 June 2020: Additional information: Inventory at 30 June 2020: £2000....

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Q: The following is an extract from Barrow’s statement of financial position at

The following is an extract from Barrow’s statement of financial position at 31 August2020: / Barrow’s depreciation policy is as follows: (a) A full year’s depreciation is charged in the year of acqui...

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Q: Dale has been in business for some years. The following is

Dale has been in business for some years. The following is his trial balance at 31 October 2020: Additional information (not taken into account when compiling the above trial balance): 1 Inventory at...

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Q: The following information relates to Astley for the year to 30 November

The following information relates to Astley for the year to 30 November 2020: Required: (a) Calculate the charge to the statement of profit or loss for the year to 30 November 2020 for each of the abo...

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Q: Duxbury started in business on 1 January 2021. The following is

Duxbury started in business on 1 January 2021. The following is his trial balance as at 31 December 2021: Additional information: 1 Inventory at 31 December 2021 was valued at £10 000....

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Q: The following is Ash’s trial balance as at 31 March 2021:

The following is Ash’s trial balance as at 31 March 2021: Additional information: 1 Inventory at 31 March 2021: £15 000. 2 At 31 March 2021 there was a specific bad de...

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Q: A direct cost has been defined as ‘a cost that can

A direct cost has been defined as ‘a cost that can be easily and economically identified with a particular department, section product or unit’. Critically examine this definition from a non accountin...

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Q: Although a manufacturing account may contain a great deal of information,

Although a manufacturing account may contain a great deal of information, how far do you think that it helps managers who are in charge of production cost centres?

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