Program ZU Final/Midterm : Final

(MBA/ BBA/ ZU) :

Course name : Instructor’s name Nigar Karimli
Financial Accounting :
Student’s name : Group number ZU-019
(BBA /ZU) :
Term (fall, spring): Spring Date of exam : 18/06/2020
1. Bert has extracted the following list of balances from his general ledger at 31 October 20X5:
$
Sales 258,542
Opening inventory 9,649
Purchases 142,958
Expenses 34,835
Non-current assets 63,960
Receivables 31,746
Payables 13,864
Cash at bank 1,783
Capital 12,525
What is the total of the debit balances in Bert's trial balance at 31 October 20X5?

2. An inventory record card shows the following details.

February 1 50 units in stock at a cost of $40 per unit
7 100 units purchased at a cost of $45 per unit
14 80 units sold
21 50 units purchased at a cost of $50 per unit
28 60 units sold
What is the value of inventory at 28 February using the FIFO method?

3. Mew Ling has the following transactions:

1 Receipt of cash from R Singh in respect of an invoice for goods sold three weeks ago
2 Receipt of cash from S Kalu for cash sales
What are the ledger entries required to record the above transactions?

4. Easy transfer of ownership is a characteristic of which form of business organization?

5. The notes to the financial statements are not required.

TRUE
FALSE