Download Latest BA3 Questions

Which THREE of the following are improved by the use of accounting standards?

If closing inventory at the end of an accounting period is overvalued by £2000 and no adjustment is made, the net profit in the following accounting period will be:

Refer to the exhibit.

The trial balance of Monchu Partnership, as at 30 June 2006, has a suspense account. Subsequent investigations revealed that:

(1) A payment of £352 to Mr. Tan was posted as £325.

(2) A remittance of £450 received from Arumugam was credited to Armits accounts.

(3) Salaries of £12000 have not been posted from the cash book.

Monchu suggested the following adjustments:

The appropriate journal entries are:

If an auditor expresses an opinion of `fair presentation' on a set of financial statements, this means: