Which one of the following is an error of principle?

• A.The purchase of a non-current asset debited to the purchases account and credited to the payable's account
• B.The payment of wages debited and credited to the correct accounts, but using the wrong amount
• C.A gas bill credited to the gas account and debited to the bank account
• D.The purchase of a non-current asset credited to the asset at cost account and debited to the payable's account

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Which of the following would be a role of the financial accountant?

• A.Monitoring actual results to expected results
• B.Meeting management reporting requirements
• C.Producing budgets for the future
• D.Meeting external reporting requirements

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A business has expanded rapidly during the current year. As a result the accounting records have been building up and the management accountant is having problems producing reports for each department head.
Which of the following would be the best solution if introduced?

• A.Department head produce their own reports
• B.Accounting codes
• C.Prepare fewer reports
• D.Extra working hours

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An entity decides to revalue its freehold property during the current period creating a revaluation surplus.
Where in the current period financial statements would the revaluation surplus appear?

• A.Statement of financial position and income statement
• B.Statement of financial position and statement of changes in equity
• C.Statement of changes in equity and statement of cash flow
• D.Statement of changes in equity and income statement

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Refer to the Exhibit.

A company operates a FIFO system of inventory valuation. The following information is available for the month of April:
The closing value of inventory at the end of the month of April is

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