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An inexperienced bookkeeper has drawn up the following receivables ledger control account：

RECEIVABLES LEDGER CONTROL ACCOUNT

$ $

Opening balance 180,000 Credit sales 190,000

Cash from credit customers 228,000 Irrecoverable debts written off 1,500

Sales returns 8,000 Contras against payables 2,400

Cash refunds to credit customers 3,300 Closing balance (balancing figure) 229,60

0Discount allowed 4,200

423,500 423,500

What should the closing balance be after correcting the errors made in preparing the account?

A

$130,600

B

$129,200

C

$142,400

D

$214,600

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Chapter14Controlaccounts

RECEIVABLES LEDGER CONTROL ACCOUNT

Opening balance $ Cash from credit customers $

1 80,000 228,000

Credit sales 190,000 Irrecoverable debts written off 1,500

Cash refunds 3,300 Sales returns 8,000

373,300 Discount allowed 4,200

Contras 2,400

Closing 129,200

373,300

多做几道

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

The accruals concept

C

The going concern concept

D

The business entity concept

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

The accruals concept

C

The going concern concept

D

The business entity concept

According to the IASB's Conceptual Framework for Financial Reporting, which TWO of the following are part of faithful

representation?1 It is neutral2 It is relevant3 It is presented fairly4 It is free from material error

A

1 and 2

B

2 and 3

C

1 and 4

D

3 and4

Which of the following accounting concepts means that similar items should receive a similar accounting treatment?

A

Going concern

B

Accruals

C

Matching

D

Consistency

Listed below are some characteristics of financial information.1 Relevance2 Consistency3 Faithful representation4 Accuracy

Which of these are qualitative characteristics of financial information according to the IASB's Conceptual Framework for

Financial Reporting?

A

1 and 2 only

B

2 and 4 only

C

3 and 4 only

D

1 and 3 only

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