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A company is preparing its accounts to 30 April 2006. The latest telephone bill received by the company was dated 31 March and included call charges for the quarter 1 December to 28 February. The amount of the bill for call charges (excluding VAT) was $960. Most of the company's telephone bills are for similar amounts.

Which of the following journal entries should be made to the company's accounts at 30 April 2006?

The journal entries which should be made to the company's accounts at 30 April 2006 is

Options:

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Question 2

Refer to the exhibit.

ABC has the equity balances at the end of year 1.

During year 2 ABC issues 100,000 new shares at a price of $1.10

What is the balance on share premium at the end of year 2?

Options:

$80,000

$90,000

$140,000

$190,000

Question 3

Which of the following is the best definition of the objective of accounting?

Options:

To control the assets, liabilities and performance of the entity

To calculate taxation due to the tax authority

To record, categories and summaries business transactions

To provide useful information to users

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