Past Exam Paper

The current liability slit of the companys Balance Sheet on 30 June 2011 should show a. intrust bestow $100,000. b. Bank Loan $500,000. c. Bank Loan $500,000, engage Payable $50,000. d. Bank Loan $1 00,000 Interest Payable $50,000. e. Bank Loan $1 00,000 Interest Payable $20,000. 4. overact Ltd is about to issue $30 one million million million of debentures with a 7% coupon pasture in the public debt market. On the examine of issue the market rate of bet is 6%. How much should Ham take to receive for the issue of debentures (excluding any consummation cost). a. $30 million b. More than $30 million c.Less than $30 million d. $31 million e. The answer cannot be refractory from the information given Page 1 of 18 ACCT 7101 Accounting- Final Examination, Second Semester, 2011 5. segregation of duties involves a. Ensuring that only employees with appropriate accounting qualifications unravel in the accounting department. b. Physically defend sensitive assets. c. Providing ea ch staff subdivision with an individual password. d. Ensuring payments are only do when accompanied by appropriate countenance documentation. e. Separating eternise-keeping from handling of assets. 6.When pperforming bank reconciliation, the ending relaxation on the Bank Statement should be adjusted for which of the following items to obtain the fall off Cash at Bank proportionateness? a. Dishonoured (NSF) cheques. b. Unpresented cheques. c. Errors made by the accountant. d. Interest genuine by the bank. e. All of the above. 7. Truckie Ltd uses the perpetual broth system. inventory? b. Dr Accounts Receivable, Cr Sales revenue. How should it record a credit sale of a. Dr COGS, Cr Inventory Dr Accounts Receivable, Cr Sales revenue. c. Dr Inventory, Cr COGS Dr Accounts Receivable, Cr Sales revenue