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The trainee accountant at Judd Co has forgotten to...

The trainee accountant at Judd Co has forgotten to make an accrual for rent for December in the financial statements for the year ended 31 December 20X2. Rent is charged in arrears at the end of February, May, August and November each year. The bill payable in February is expected to be $30,000. Judd Co’s draft statement of profit or loss shows a profit of $25,000 and draft statement of financial position shows net assets of $275,000. What is the profit or loss for the year and what is the net asset position after the accrual has been included in the financial statements？

A、Profit for the year Net asset position $15,000 $265,000

B、Profit for the year Net asset position $15,000 $285,000

C、Profit for the year Net asset position $35,000 $265,000

D、Profit for the year Net asset position $35,000 $285,000

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更多“The trainee accountant at Judd…”相关的问题

第1题

Identify the accounting information system princip...

Identify the accounting information system principle below that applies to each of these situations. a. Control b. Compatibility c. Relevance d. Flexibility e. Cost-benefit _____ 1. Global Company has designed their accounting information system to be adaptable to changes in technology, the business environment, and the needs of decision makers. _____ 2. Global Company has world-wide operations that must handle several thousand different products, so the accounting information system is fairly complex, encompassing marketing and manufacturing. _____ 3. Global Company's accounting information system has policies to ensure that financial statements will be reliable, assets are protected, and relevant laws and regulations are complied with. _____ 4. Global Company's accounting information system can be improved markedly for a cost of about $30,000,000. However, the incremental benefits from such improvements are not expected to outweigh this cost. _____ 5. Global Company has designed their accounting information system so that key managers can obtain the information they need to make decisions relating to new products, sales, and controlling costs.

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第2题

The Board of OAP Co has decided to limit investment funds to $10 million for the next year and is preparing its capital budget. The company is considering five projects, as follows:

All five projects have a project life of four years. Projects A, B, C and D are divisible, and Projects B and D are mutually exclusive. All net present values are in nominal, after-tax terms.

Project E

This is a strategically important project which the Board of OAP Co have decided must be undertaken in order for the company to remain competitive, regardless of its financial acceptability. Information relating to the future cash flows of this project is as follows:

These forecasts are before taking account of selling price inflation of 5·0% per year, variable cost inflation of 6·0% per year and fixed cost inflation of 3·5% per year. The fixed costs are incremental fixed costs which are associated with Project E. At the end of four years, machinery from the project will be sold for scrap with a value of $400,000. Tax allowable depreciation on the initial investment cost of Project E is available on a 25% reducing balance basis and OAP Co pays corporation tax of 28% per year, one year in arrears. A balancing charge or allowance is available at the end of the fourth year of operation.

OAP Co has a nominal after-tax cost of capital of 13% per year.

Required:

(a) Calculate the nominal after-tax net present value of Project E and comment on the financial acceptability of this project. (14 marks)

(b) Calculate the maximum net present value which can be obtained from investing the fund of $10 million, assuming here that the nominal after-tax NPV of Project E is zero. (5 marks)

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第3题

Question 8

May Trading Co. Ltd. has following figures at 31 December Year 1

＄

Fixed assets 1,300,000

Provision for depreciation 350,000

Stock 450,000

Debtors(net) 142,500

Bank 250,000

Creditors 240,000

Accrued expenses 65,000

Share capital(＄10 par) 1,600,000

Profit and loss account 467,350

As the accountant of May Trading Co. Ltd., you are required to prepare its master budgets for the 6 months from 1 January Year 2 to 30 June Year 2. You have the following information available:

Sales

Purchase Wages Overheads excluding depreciation

(Units)

Oct Year 1 (Actual) 25,000 130,000 90,000 70,000

Nov Year 1 (Actual) 27,000 150,000 90,000 70,000

Dec Year 1 (Estimated) 33,000 170,000 90,000 90,000

Jan Year 2 (Estimated) 30,000 170,000 90,000 70,000

Feb Year 2 (Estimated) 35,000 180,000 100,000 90,000

Mar Year 2 (Estimated) 36,000 200,000 110,000 90,000

Apr Year 2 (Estimated) 34,000 190,000 110,000 90,000

May Year 2 (Estimated) 33,000 190,000 110,000 80,000

Jun Year 2 (Estimated) 37,000 160,000 120,000 80,000

Additional Information:

1. The selling price in October Year 1 was ＄9 per unit and this will be increased to ＄10 in February Year 2.

2. 30% of sales are on cash basis, credit sales are to be settled one month after the sales. It is expected that 5% of credit sales are uncollectible.

3. Purchases are to be paid for two months after purchases.

4. Wages and overheads are to be paid equally in the month incurred and the following months.

5. A machine will be purchased on 1 January Year 2 at a cost of ＄240,000.

6. The depreciation policy on fixed assets is 10% p.a. on cost on those owned at the end of the budget period.

7. The stock level at 30 June Year is estimated to be two months' purchases in the past.

8. The company plans to raise money from the stock market by issuing 50,000 preference shares at＄5 per share in March Year 2.

9. Accrued expenses are to be settled in one month.

Required:

(a)Prepare a Budgeted Profit & Loss Account for the 6 months period ended 30 June Year 2.

(b)Prepare a Cash Budgeted for the 6 months period ended 30 June Year 2.

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第4题

(a) IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors contains guidance on the use of accounting policies and accounting estimates.

Required:

Explain the basis on which the management of an entity must select its accounting policies and distinguish, with an example, between changes in accounting policies and changes in accounting estimates. (5 marks)

(b) The directors of Tunshill are disappointed by the draft profi t for the year ended 30 September 2010. The company’s assistant accountant has suggested two areas where she believes the reported profi t may be improved:

(i) A major item of plant that cost $20 million to purchase and install on 1 October 2007 is being depreciated on a straight-line basis over a fi ve-year period (assuming no residual value). The plant is wearing well and at the beginning of the current year (1 October 2009) the production manager believed that the plant was likely to last eight years in total (i.e. from the date of its purchase). The assistant accountant has calculated that, based on an eight-year life (and no residual value) the accumulated depreciation of the plant at 30 September 2010 would be $7·5 million ($20 million/8 years x 3). In the fi nancial statements for the year ended 30 September 2009, the accumulated depreciation was $8 million ($20 million/5 years x 2). Therefore, by adopting an eight-year life, Tunshill can avoid a depreciation charge in the current year and instead credit $0·5 million ($8 million – $7·5 million) to the income statement in the current year to improve the reported profi t. (5 marks)

(ii) Most of Tunshill’s competitors value their inventory using the average cost (AVCO) basis, whereas Tunshill uses the fi rst in fi rst out (FIFO) basis. The value of Tunshill’s inventory at 30 September 2010 (on the FIFO basis) is $20 million, however on the AVCO basis it would be valued at $18 million. By adopting the same method (AVCO) as its competitors, the assistant accountant says the company would improve its profi t for the year ended 30 September 2010 by $2 million. Tunshill’s inventory at 30 September 2009 was reported as $15 million, however on the AVCO basis it would have been reported as $13·4 million. (5 marks)

Required:

Comment on the acceptability of the assistant accountant’s suggestions and quantify how they would affect the fi nancial statements if they were implemented under IFRS. Ignore taxation.

Note: the mark allocation is shown against each of the two items above.

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第5题

AdatabaseisrunningInARCHIVBXXMSmode.Ithas&

AdatabaseisrunningInARCHIVBXXMSmode.Ithastwoonlineredologgroupsandeachgrouphasonemember.

ALGWRInput/output（I/O）fellsduetopermanentmediafailurethathasresultedInthelossofredologfileandtheLWGRterminatescausingtheinstancetocrash.Thestepstorecoverfromthelossofacurrentredologgroupmemberintherandomorderareasfollow.

1）Restorethecorruptedredologgroup.

2）Restorefromawholedatabasebackup.

3）Performincompleterecovery.

4）Relocatebyrenamingthememberofthedamagedonlineredologgrouptoanewlocation.

5）OpenthedatabasewiththeRESETLOGSoption.

6）Restartthedatabaseinstance.

7）Issueacheckpointandclearthelog.

Identifytheoptionwiththecorrectsequentialstepstoaccomplishthetaskefficiently（）.

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第6题

Passage 3

Questions 11 to 15 are based on the following passage:

The dog has always been considered man?s best friend. Always noted for being particular faithful in watching over children, he also has his place by the fireside, in the cow pasture, on the sheep range, and beside the hunter or blind. He is easy to train, works hard, and often performs being largely replaced by the plane and helicopter.

Because he howls or whines in the presence of impending death, the dog was once thought to have supernatural powers and believed to be capable of seeing gods and ghosts in visible to people. Actually, the basis for these beliefs lies in the dog?s sensitivity to people?s feelings and his superior hearing ability and sense of smell, which enable him to detect signs hidden from human observation. His record of saving lives is outstanding, for he often gives warning of fire and other dangers not noticed by his master.

The dog&39;s major contribution, however, has been to medical research. Both his diet and his structure are comparable to those of the human being, and so he has been the subject, of countless demonstrations and experiments. Open-heart surgery has been made possible largely because of the dog. But his sacrifice has repaid his own species as well by safeguarding it from rabies(狂犬病), distemper, and other diseases.

The dog has always been noted for _____.

A.protecting children

B.assisting shepherds

C.helping hunters

D.herding a cattle

The dog is useful to herders because he is _____.A.loyal

B.easily trained

C.hard working

D.all of the above

The dog probably whines in the presence of death because he can _____.A.see ghosts and spirits

B.give warning of ganger

C.sense unhappiness around him

D.perform astonishing feats

The dog has been of most valuable to people in the development of _____.A.a treatment of rabies

B.open-heart surgery

C.a cure for distemper

D.all of the above

The article does not say whether the scientists? experiments with dog have _____.A.benefited animals other than dogs

B.served people

C.helped other dogs

D.contributed to medical knowledge

请帮忙给出每个问题的正确答案和分析，谢谢！

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第7题

How to approach Reading Test Part Four

?This part of the Reading Test tests your vocabulary

?Read the whole text quickly to find out what it is about. As you read, try to predict the words that might fill the gaps.

?Look at the four possible answers for each gap and cross out any obviously incorrect words.

?Then read both before and after each gap to decide which word should go in it. The word needs to fit both the meaning and the grammar

?After completing all the gaps, read the whole text again to check your answers.

?Read the article on the opposite page about an accountancy franchise.

?Choose the best word from below to fill each gap.

?For each question 21 - 30, mark one letter (A, B, C or D) on your Answer Sheet.

Asuccessful network of accountancy franchisees

TAXASSIST DIRECT is an accountancy franchise which probably has more business-minded franchisees than most in the white collar category Already, over 130 business professionals have joined the company as franchisees, (21) the brand's strong position within the UK management franchise sector.

Continued acceleration in network growth is (22) for the next few years, with the company expecting to achieve nationwide (23) within four years. As it receives around 100 (24) a month from would-be franchisees, this target looks realistic.

TaxAssist Direct's franchise network contains individuals from a broad (25) of professional backgrounds, including accountancy, banking, business and management. The company's initial and ongoing training programme (26) to ensure that new franchisees are well-grounded in accounting practices and running their own business.

New franchisees generally start from home to minimise early overheads, then establish a staffed office to expand their (27) for taking on work. Many of those who started working from home within the last six months are now ready to (28) on the next stage of business development.

Clive Marshall, one such franchisee, (29) the company's openness as being one of the deciding factors in making him choose to work with TaxAssist Direct. 'They really stood out in the quality of information they gave,' he explains. 'At every juncture, they answered my questions promptly by phone and then (30) up in writing. I was very impressed with the operation and the people.' Many of TaxAssist Direct's franchisees are equally enthusiastic, which seems to guarantee the company's continued success.

(21)

A．consolidating

B．amalgamating

C．incorporating

D．integrating

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