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. You are given the following information:

Receivables at 1 January 20X3 $10,000
Receivables at 31 December 20X3 $9,000
Total receipts during 20X3 (including cash sales of $5,000) $85,000
What are sales on credit during 20X3?

2. The inventory value for the financial statements of Q for the year ended 31 December 20X4
was based on an inventory count on 4 January 20X5, which gave a total inventory value of
$836,200.
Between 31 December and 4 January 20X5, the following transactions took place:
$
Purchases of goods 8,600
Sales of goods (profit margin 30% on sales) 14,000
Goods returned by Q to supplier 700
What adjusted figure should be included in the financial statements for inventories at 31
December
20X4?

3. At 31 October 20X6 Roger's trial balance included the following balances:

$
Machinery at cost 12,890
Accumulated depreciation 8,950
Inventory 5,754
Trade receivables 11,745
Trade payables 7,830
Bank overdraft 1,675
Cash at bank 150
What is the value of Roger's current assets at 31 October 20X6?

4. What does 'capital expenditure' mean?

5. Which of the following items should be included in current assets?

(i) Assets which are not intended to be converted into cash
(ii) Assets which will be converted into cash in the long term
(iii) Assets which will be converted into cash in the near future