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Q 1/10
Score 0
Which of the items would be included as the inventory of the business?
30
Office desks and chairs for employees
Delivery vans to deliver food to customers
Photocopier to print documents in an office
Laptops for sale to customers in a computer shop
Q 2/10
Score 0
On 1 January 2019, Shawn Trading purchased goods, $600 from its supplier on credit.
Which is the double entry to record the transaction?
30
Debit Inventory
$600
Credit Trade receivable
$600
Debit Trade payable $600
Credit Inventory $600
Debit Inventory
$600
Credit Cash at bank $600
Debit Inventory $600
Credit Trade Payable $600
10 questions
Q.
Which of the items would be included as the inventory of the business?
1
30 sec
Q.
On 1 January 2019, Shawn Trading purchased goods, $600 from its supplier on credit.
Which is the double entry to record the transaction?
2
30 sec
Q.
On 25 February 2019, Shawn returned goods, $200 previously purchased from its supplier on credit on 1 January 2019.
3
30 sec
Q.
Star Furniture purchased 20 sofas for sale to customers and incurred the following costs. The cost of purchase is _________.
- Cost of sofas: $10 000
- Transport costs to bring sofas to the warehouse: $200
- Sales commission to salesperson: $500
4
30 sec
Q.
On 10 June 2019, Shawn Trading sold goods $800 on credit. The goods cost $600.
Which of the following shows the recording for the transaction above?
5
30 sec
Q.
Which of the following are possible reasons for impairment of inventory?
(i) Theft of inventories by employees
(ii) Goods damaged by fire
(iii) Inventories obsolescence
(iv) Goods with very little demand
6
30 sec
Q.
Shawn purchased $1,000 worth of goods at the start of the year. However, due to low demand, the goods can only be sold at $800 (after deducting any additional costs to sell). How much of impairment loss should Shawn record?
7
30 sec
Q.
Shawn purchased $1 200 worth of goods at the start of the year. A fire in the warehouse destroyed half of the inventory while the remaining half of the inventory can only be sold for $700 (after deducting any additional costs to sell). What is the journal entry to adjust for the impairment loss?
8
30 sec
Q.
Shawn Trading had a balance of $9 000 in its inventory account as at 1 September 2019. It had the following transactions in September 2018. Using the FIFO method, what is the balance in ITIT Computers’ inventory balance as at 30 September 2019?
3 Sep: Sold a laptop for $3 000. The cost of purchase of the laptop was $2 000.
14 Sep: Purchased 3 laptops for $4 500.
18 Sep: Purchase a laptop for the accounts department for $2 000.
9
30 sec
Q.
Business bought inventory worth $250 using cash. Which of the following shows the recording for the transaction above?
