Accounting for Partnerships Test #2 359 Administrator 12/03/2021 at 6:28 PM (last edited 12/03/2021 at 6:28 PM) Time's up! CAPE Accounting Accounting for Partnerships This test is of 1 hour duration. Please fill in your full name and e-mail addressbefore proceeding to the test. 1 / 8 1. Which of the following standards identifies the four (4) main categories of revenue? (A) International Accounting Standards (IAS) 1 (Section 3 of the IFRS for SMEs) (B) International Accounting Standards (IAS) 1 (Section 6 of the IFRS for SMEs) (C) International Accounting Standards (IAS) 2 (Section 13 of the IFRS for SMEs) (D) International Accounting Standards (IAS) 18 (Section 23 of the IFRS for SMEs) 2 / 8 2. Kerron started the year 2014 with an office supplies inventory of $9000. At the end of the year the office supplies inventory was $4000. The journal entry to record the value of office supplies consumed is (A) Dr: Office supplies expense $4000 Cr: Office supplies inventory $4000 (B) Dr: Office supplies inventory $4000 Cr: Office supplies expense $4000 (C) Dr: Office supplies expense $5000 Cr: Office supplies inventory $5000 (D) Dr: Office supplies inventory $5000 Cr: Office supplies expense $5000 3 / 8 3. Which of the following formulae determines profit for the year in a multiple step Statement of Comprehensive Income? (A) Profit before tax + Income tax expense (B) Profit before tax - Income tax expense (C) Profit before tax + Cost of goods sold (D) Profit before tax + Dividends 4 / 8 4. Which of the following statements determines a firm's net income or net loss? (A) Statement of Cashflow (B) Statement of Owner's Equity (C) Statement of Financial Position (D) Statement of Comprehensive Income 5 / 8 Item 5 refers to the following information:John began operations with $30 000Additional capital invested $30 000Withdrawals for personal use $10 000Closing capital $60 0005. John's profit earnings for the period is (A) $10 000 (B) $30 000 (C) $60 000 (D) $70 000 6 / 8 6. The purchase cost of inventory includesI the purchase priceII Free on Board (FOB) destinationIII import duties and taxes (A) I only (B) II only (C) I and II (D) I and III 7 / 8 Items 7-8 refer to the cost of goods sold (cost of sales) multiple step format statement shown in the table. $$ Opening inventory9000 Purchases4000 Less Purchases returns and allowances(1000) Less purchases discounts(800) Net purchases2200 Add Carriage inwardsI Cost of goods purchased2600 Cost of goods available for sale11 600 II(3000) Cost of goods sold86007. What sum of money is represented by I? (A) $400 (B) $2200 (C) $6400 (D) $9000 8 / 8 8. What does II represent in the cost of goods sold multistep format statement? (A) Sales (B) Dividends (C) Withdrawals (D) Ending inventory Your score is