ACC00151: Financial Accounting - International Accounting Standards - Accounting and Finance Assignment Help

Assignment Task:

Task:

PART A Multiple Choice: the actual examination consists of ten (10) multiple choice questions worth 3 marks each for a total of 30 marks.

1: Which of the following entities develops the international accounting standards?
a. SEC
b. AASB
c. ATO
d. ASX
e. IASB

2: The following information relates to on one of your inventory items: Balance on hand on 1 June 2016:
11 units @ $30 each

Purchases:
Jun. 3 10 units @ $32 each
Jun. 12 9 units @ $34 each
Jun. 28 15 units @ $36 each
Sales:
Jun. 8 8 units
Jun. 25 13 units
The ending inventory of this item at 30 Jun 2016 using the FIFO method of costing inventory in a perpetual inventory system is:
a. $1080
b. $846
c. $568
d. $774
e. $864

3: On 1 July 2014 Baron Ltd purchased a company car for $40,000, net of GST. Its estimated residual value after 4 years is $15,000. If depreciation is provided at 25% p.a. diminishing-balance basis, the annual depreciation charge at 30 June 2016 is:

a. $10,312.50
b. $13,750
c. $7,500
d. $10,000
e. $4,687.50

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