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Kultur Dokumente
[SOLUTIONS]
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SECTION A: MULTIPLE CHOICE QUESTIONS
A1. c
A2. e
A3. c
A4. c
A5. a
A6. c
A7. d
A8. e
A9. a
A10. d
A11. e
A12. c
A13. e
A14. c
A15. a
A16. c
A17. a
A18. e
A19. c
A20. c
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A21. e
A22. e
A23. d
A24. e
A25. a
A26. d
A27. c
A28. a
A29. b
A30. c
A31. d
A32. b
A33. c
A34. d
A35. a
A36. d
A37. a
A38. b
A39. b
A40. c
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SECTION B: MULTIPLE CHOICE QUESTIONS
Refer to the Solutions to Lecture Week 5 Example & Lecture Week 6 Example which can
be both found in the Lecture Notes Section on LMS.
Solutions are also available online on LMS to the following Questions from the
textbook “Financial Accounting” by Hoggett et al. (2018), (10th Edition);
Tutorial Questions – Exercise 4.2, Problem 4.16, & Problem 4.21 and Practical Lecture -
Problem 4.19 & Problem 4.29 for both Adjusting Journal entries and Closing Journal
entries.
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SECTION C: MULTIPLE CHOICE QUESTIONS
[General Journal entries for Colorado Ltd are as follows:]
Using the column headings [Date / Accounts / Debit / Credit]
A.
September
1. Cash at Bank 550
Sales 500
GST Collection 50
Cost of Sales 300
Inventory 300
4. Inventory 750
GST Outlays 75
Accounts Payable 825
Inventory 120
Cost of Sales 120
8. Freight Inwards 30
Cash at Bank 30
5
Cash at Bank 647
(25 purchased – 5 returned = 20)
GST Outlays 2
Discount Received 18
Inventory Shortage
Physical Count 61 units @ $30
Records show 69 units @ $30 should be on hand.
B. [Closing Entries]
Discount Received 30
Sales 1 500
Profit & Loss Summary 1 530
(Closing of all accounts with a
Credit balance)
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Profit & Loss Summary 180 180
Capital
(Transfer of Profit to Capital)
*Solutions to Tutorial Questions – Exercise 6.2, Exercise 6.3 & Problem 6.15 and Practical
Lecture - Problem 6.16 from Hoggett et al. (2018), (10th Edition) and a comparison of the use
of Perpetual and Periodic Inventory systems for a retailing business are available online on
LMS.
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SECTION D: MULTIPLE CHOICE QUESTIONS
$2 975 000
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Q6. What is the Gross Profit?
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Q11. What is the Net Profit (or Net Loss) for the period?
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Q16. How much is the GST payable?
END OF EXAMINATION
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