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  3. opening inventory = r88 800, cost of sales = r122

Opening Inventory = R88 800, Cost of Sales = R122 000 and Closing Stock =...

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Accounting

  1. Opening Inventory = R88 800, Cost of Sales = R122 000 and Closing Stock = R64 000

What is the purchases amount?

A. R88 800

B. R122 000

C. R97 200

D. R64 000

2. Which of the following errors would cause a trial balance not to balance?

i. Debiting the purchase of a vehicle to the purchases account (expense) instead of the vehicle account (asset)

ii. Debiting cash received to the cash book and crediting payables instead of receivables

iii. Recording discount allowed to customers as credit balance

iv. Recording debtors as debit balance

A. i, ii, iii and iv

B. ii, iii and iv only

C. iii only

D. iii and iv only

3. Which of the following would not be considered a cash flow from operating activities?

A. Payment for the inventory

B. Interest received from investment

C. Payment of short-term loan

D. Accrued expenses

4. A vehicle with a cost price of R60 000 and accumulated depreciation to date of sale of R45 000, was sold for a profit of R15 000. What was the cash amount received on the sale of the vehicle?

A. R45 000

B. R15 000

C. R30 000

D. R60 000

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