Wa0006.
Wa0006.
Wa0006.
State Finished
Completed on Sunday, 24 March 2024, 8:35 PM
Time taken 2 mins 10 secs
Marks 2.00/20.00
Grade 1.00 out of 10.00 (10%)
Question 1 Which of the following is not deducted in arriving at a company's operating profit?
Correct
Question 2 Which of the following items would not form part of the shareholders’ equity of a company on the statement of financial position?
Incorrect
Question 3 Which one of the following would not be included in a full set of company financial statements?
Incorrect
Question 4 Which of the following statements is likely to be true, for a company making profits?
Incorrect
The correct answer is: Retained profits at the year-end will be greater than retained profits at the beginning of the year.
Question 5 Issa plc issues 30,000 £1 shares at £1.30 for each share. Which of the following statements is true?
Incorrect
The correct answer is: Ordinary share capital will increase by £30,000 and share premium will increase by £9,000.
Question 6 Sheba Ltd.’s statement of financial position shows ordinary share capital of £150,000 and share premium of £50,000 at the beginning of a financial year. If the ordinary share capital is £250,000 and share premium is £120,000 at the end of the financial
Incorrect year, how much did the ordinary share issue raise?
Mark 0.00 out of
1.00 Select one:
subtract share premium, then subtract share capital. Then add ans.
a. £370,000
b. £250,000
c. £100,000
d. £170,000
Question 7 Twisters Ltd made a profit for the year ended 31 March 2020 of £30,000. During that year the company had paid preference dividends on 100,000 5% preference shares. In addition, an ordinary dividend of 4 pence per share was paid on 200,000
Incorrect ordinary shares. What was the retained profit for the year ended 31 March 2020?
Mark 0.00 out of
1.00 Select one:
a. £17,000
b. £25,000
(100,000*0.05) + (0.04*200,000) -30,000
c. £22,000
d. £30,000
Question 8 Junior plc is a company that, during the year ended 31 December 2020, paid $25,000 debenture interest and paid an ordinary dividend of 8 pence per share on 1 million £1 ordinary shares. The retained profit for the year was $160,000. What was
Incorrect Junior plc's profit for the year?
Mark 0.00 out of
1.00 Select one:
a. $265,000
b. $80,000 0.08*1,000,000 +160,000
c. $240,000
d. $215,000
Question 10 During the year ended 30 June 2021, a company's revaluation reserve increased from £300,000 to £380,000 as a result of a property revaluation. At the start of that financial year, the company's property had been valued at £810,000. Assuming that
Correct no property was disposed of during the year, which of the following statements is true?
Mark 1.00 out of
1.00 Select one:
The correct answer is: The property's revalued amount was £890,000.
Question 15 Kern Company purchased bonds with a face amount of $400,000. Kern purchased the bonds at 102 and paid brokerage costs of $6,000. The amount to record as the cost of this debt investment is
Incorrect
Select one:
a. $2,392.
b. $1,371.
c. $1,196. = Interest revenue - Interest received = ($376,100*11%*6/12) - ($400,000*10%*6/12) = $20,686 - $20,000 =
d. $686. $686
Select one:
a. $1,598.
b. $462. 200,000 * (0.05) + 211,950 *(4.5) ^(9/2)
c. $924.
d. $808
Question 19 For the year ended December 31, 2012, Carsen Company should report interest revenue from the Garrison Co. bonds at:
Incorrect