Past Exam Paper

The current liability section of the companys Balance Sheet on 30 June 2011 should show a. fix Loan $100,000. b. bank building Loan $500,000. c. Bank Loan $500,000, intimacy Payable $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 issue $30 Million of debentures with a 7% coupon rate in the public debt marketplace. On the date of issue the market rate of interest is 6%. How much should Ham expect to put one over for the issue of debentures (excluding any transaction cost). a. $30 million b. More than $30 million c.Less than $30 million d. $31 million e. The answer cannot be determined from the information given Page 1 of 18 ACCT 7101 Accounting- last(a) Examination, Second Semester, 2011 5. Segregation of duties involves a. Ensuring that only employees with suspend accounting qualifications work in the accounting department. b. Physically protecting sensitive assets. c. Providing each staff port ion with an individual password. d. Ensuring payments are only made when accompanied by appropriate authorized documentation. e. Separating record-keeping from handling of assets. 6.When pperforming bank reconciliation, the ending balance on the Bank Statement should be adjusted for which of the following items to obtain the correct interchange at Bank balance? a. Dishonoured (NSF) cheques. b. Unpresented cheques. c. Errors made by the accountant. d. Interest sure 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