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accounting question!

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  • 14-05-2007 1:28pm
    #1
    bobneedshelpnow
    Closed Accounts Posts: 78 ✭✭


    Hey jus want to do any of you know the correct answers to the questions below:D
    an accounting period is...
    a) any peiod for which an entity chooses to prepare its accounts
    b) a Calander year
    c) any twelve month period
    d) none of above

    A €200 credit balance brought down in cash columns of a firm's cash book means that...
    a) the firm has spend €200 more cash than it has received
    b) the firm has €200 cash in hand
    c) a mistake has been made recording of cash
    d) someone has stolen 200 cash


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    #2
    md99
    Closed Accounts Posts: 817 ✭✭✭md99


    question 2 is A surely.. .what's this about??


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    #3
    Mushy
    Registered Users Posts: 21,388 ✭✭✭✭Mushy


    Yeah, surely Q2, the answer is A.

    As for Q1, I'm going to guess for for answer C, but dont quote me on this.


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    #4
    PeterMC
    Registered Users Posts: 54 ✭✭PeterMC


    Mushy wrote:
    Yeah, surely Q2, the answer is A.

    As for Q1, I'm going to guess for for answer C, but dont quote me on this.

    Id agree with both of the above...but a bit fishy!


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    #5
    maxi-twist
    Closed Accounts Posts: 310 ✭✭maxi-twist


    You cant have negative cash. I reckon a mistake has been made.

    For q1,you dont necessarily have to have a 12 month perios,many companies use quarters.


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    #6
    Cos88
    Closed Accounts Posts: 68 ✭✭Cos88


    I'd go for A and C....unless maybe the €200 credit balance equals a bank overdraft of €200? Which would mean A and A.


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    #7
    Mushy
    Registered Users Posts: 21,388 ✭✭✭✭Mushy


    maxi-twist wrote:
    You cant have negative cash. I reckon a mistake has been made.

    That means theres a 200e. credit balance in the bank ie. you owe 200e. so no mistake.


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    #8
    maxi-twist
    Closed Accounts Posts: 310 ✭✭maxi-twist


    Mushy wrote:
    That means theres a 200e. credit balance in the bank ie. you owe 200e. so no mistake.


    Then it would be put under bank not cash. There completely different things, in real life accounts anyway.


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    #9
    TX123
    Closed Accounts Posts: 183 ✭✭TX123


    its clearly D , were living in a world of crime and the laws of accounting have been overturned ahh:eek:


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