Wk 12 tutorial solution - Week 12 Tutorial Solutions Week...

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Week 12 Tutorial SolutionsWeek 12 Tutorial ExerciseRevision Chapters 6, 19, 20Part B:Multiple Choice Questions1.Sales Returns is what type of account?a.Contra to sales revenueb.Liabilityc.Contra to an assetd.Expense
2.The primary purpose of (cash) settlement discounts is to:
3.The entry to record the return of goods to a supplier under the perpetualinventory system is:
4.In the financial statements prepared at the end of the accounting period theitem Accumulated Depreciation appears:
5.On 31 December 2011 a new motor vehicle with a life of five years and an estimatedresidual value of $3000 was purchased by a business at a cost of $23 000. (Ignore GST)The straight-line depreciation method is used. What is the carrying amount of the motorvehicle at 31 December 2014 (after charging depreciation for that year)?a.$23 000b.$11 000c.$12 000d.$15 000
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Chapter 6 / Exercise E6-15
Survey of Accounting
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6.A business uses the specific identification method of cost assignment.DateUnits Unit Cost$Beginning Inventory July 11000Purchase102000Purchase201000On 25 July 500 units from beginning inventory and 1500 units from the 10 Julypurchase were sold. What was the value of ending inventory at 31 July?101113

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Term
Three
Professor
xu
Tags
Balance Sheet, Cash Flow Statement, Depreciation, Generally Accepted Accounting Principles
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Survey of Accounting
The document you are viewing contains questions related to this textbook.
Chapter 6 / Exercise E6-15
Survey of Accounting
Warren
Expert Verified

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