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The following balances have been extracted from the nominal ledger accounts of Tanya, for bank loan is unknown. There are no other accounts in the main ledger

.Payables $ 27,000

Capital 66,000

Purchases 160,000

Sales 300,000O

ther expenses 110,000

Receivables 33,000

Purchase returns 2,000

Non-current assets 120,000

Cash in bank 18,000

Bank loan UnknownWhat is the credit balance on the bank loan account?

A

$46,000

B

$102,000

C

$78,000

D

$34,000

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Chapter16Correctionoferrors

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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