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

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Survey of Accounting
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Chapter 6 / Exercise E6-15
Survey of Accounting
Warren
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Week 12 Tutorial Solutions Week 12 Tutorial Exercise Revision Chapters 6, 19, 20 Part B: Multiple Choice Questions 1. Sales Returns is what type of account? a. Contra to sales revenue b. Liability c. Contra to an asset d. 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 perpetual inventory system is:
4. In the financial statements prepared at the end of the accounting period the item Accumulated Depreciation appears:
5. On 31 December 2011 a new motor vehicle with a life of five years and an estimated residual 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 motor vehicle at 31 December 2014 (after charging depreciation for that year)? a. $23 000 b. $11 000 c. $12 000 d. $15 000
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Survey of Accounting
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Chapter 6 / Exercise E6-15
Survey of Accounting
Warren
Expert Verified
6. A business uses the specific identification method of cost assignment. Date Units Unit Cost $ Beginning Inventory July 1 1000 Purchase 10 2000 Purchase 20 1000 On 25 July 500 units from beginning inventory and 1500 units from the 10 July purchase were sold. What was the value of ending inventory at 31 July? 10 11 13

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