Past Exam Paper

The current liability section of the companys Balance Sheet on 30 June 2011 should show a. Bank bestow $100,000. b. Bank Loan $500,000. c. Bank Loan $500,000, Interest collectible $50,000. d. Bank Loan $1 00,000 Interest Payable $50,000. e. Bank Loan $1 00,000 Interest Payable $20,000. 4. Ham Ltd is about to grapple $30 Million of debentures with a 7% coupon lay in the public debt market. On the date of issue the market order of interest is 6%. How much should Ham expect to receive for the issue of debentures (excluding any transaction cost). a. $30 meg b. More than $30 million c.Less than $30 million d. $31 million e. The answer cannot be pertinacious from the information given Page 1 of 18 ACCT 7101 Accounting- Final Examination, support Semester, 2011 5. Segregation of duties involves a. Ensuring that only employees with appropriate history qualifications work in the accounting department. b. Physically protecting sensitive assets. c. Providing each staff member with an psyche password. d. Ensuring payments are only made when accompanied by appropriate authorised documentation. e. Separating testify-keeping from handling of assets. 6.When pperforming bank reconciliation, the ending balance on the Bank account should be adjusted for which of the following items to obtain the correct Cash at Bank balance? a. Dishonoured (NSF) cheques. b. Unpresented cheques. c. Errors made by the accountant. d. Interest received by the bank. e. All of the above. 7. Truckie Ltd uses the perpetual inventory 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