ECO3101

Cambridge College

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Exam (elaborations)

Business Accounting
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8

October 2022

2022/2023

A+
Business Accounting Q1. A supermarket based in Hounslow pays a supplier, Patel Wholesale Ltd, the amounts owed in cash. The entries in the supermarket account should be: A. Debit: Purchases, Credit: Cash B. Debit: Cash, Credit: Patel Wholesale Ltd C. Debit: Patel Wholesale Ltd, Credit: Cash D. Debit: Cash, Credit: Purchases Answer: C, The cash account is giving up an amount of cash in order to pay amounts owed to Patel Wholesale Ltd. The cash account is the giving accou...
codersimon
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Summary

Business Accounting
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1

October 2022

2022/2023
The receiving report should be reconciled to the initial purchase order and the vendor’s invoice before recording or paying for inventory purchases
APluswork
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Summary

Business Accounting
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1

October 2022

2022/2023
A physical inventory should be taken periodically to test the accuracy of the perpetual records. In addition, a physical inventory will identify inventory shortages or shrinkage
APluswork
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Summary

Business Accounting
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2

October 2022

2022/2023
Reporting the sale of Treasury securities as cash flow from operations is an accounting “trick”, and as such, should constitute a possible red flag about the companies accounting practices. For most companies, the gain from a sale of securities should be placed in the financing section. Including the sale of securities in the cash flow from operations would be acceptable for a financial company, such as an investment or commercial bank.
TestsBanks
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