COMMUNITY COLLEGE OF CITY UNIVERSITY
Course code & title
BUS10407 Economics I
Semester A, 2014 / 15
This paper has 8 pages (including this cover page).
This paper consists of 30 Multiple Choice Questions.
8145 (02m Mel-h m tween
Oriel Ltd, whose financial year runs from 1 June to the following 31 Mayl maintains a
combined rent and rates account in Its ledger.
Rent ls xed on a calendar year basis and is payable quarterly in advance. Rent
[3) Review Questions 7.6, 7. 7, 7.8 ( [QWZ/f'EMS)
' REVIEW QUESTIONS -
If accounting standards are not legal requirements, why would. a business bother complying
with these standards? '
Why would a business still use UK GAAP instead of adopting inter
BUS 10250 Sem A 2014-2015
Week 10 MC
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers
1) In the Statement of Financial Position (balance sheet) of a sole trader, accruals should be
shown as part of . .
BUS10250 Week 10 Tutorial
The following list of ledger balances is extracted from the books of Wings Store, a sole trader
as at 31 December 20x7.
Wings Store: Trial Balance as at 31 December 20x7
Stock at 1 Jan 20x7