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Fundamentals of Financial Accounting Questions and Answers

Question 49

The financial accounts, as prepared by the directors of a company, are required to show a 'true and fair view'. This means that:

Options:

The accounts are accurate

The accounts are prepared in accordance with the Companies Act and comply with relevant reporting standards

The accounts contain no fraudulent transactions

No errors were detected during the audit of the accounts

Question 50

Refer to the exhibit.

Both internal and external audits can be performed on the financial statements of a company. The results of the audits have different purposes and different reporting lines.

Which of the following combinations is correct?

Options:

Question 51

If a profitable entity is not required to register for sales tax with its local tax authority, which of the following statements is TRUE?

Options:

A sales tax receivable account will be prepared in the nominal ledger

Sales tax will not be added to the sales price of goods invoiced to customers

Sales tax will not be added to the cost of goods and expenses supplied

Profit for the year will be reported net of sales tax.

Question 52

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

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Fundamentals of Financial Accounting Questions and Answers

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