The bank statement on 31 October 20X7 showed an overdraft of $800. On reconciling the bankstatement, it was discovered
that a cheque drawn by your company for $80 had not been presented for payment, and that a cheque for $130 from a
customer had been dishonoured on 30 October 20X7, but that this had not yet been notified to you by the bank.What is the
correct bank balance to be shown in the statement of financial position at 31 October 20X7?
?????????????????????????????????????????????????????????????????????? ?? ?$
Balance per bank statement????????????????????????? ??(800)
Unpresented cheque???????????????????????????????????? ???(80)
Dishonoured cheque (affects cash book only) (880)
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Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal
use?
Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal
use?
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
Which of the following accounting concepts means that similar items should receive a similar accounting treatment?
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?
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