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1、Practice—LRMPtyLtdAftertheinitialtransactionswererecordedtheclosingbalanceswereasfollowsasat1April2008:CashInventoryLandandbuildingsEquipmentAccountspayableNotespayableLoansSharecapital$thousand14055300901570300200AdditionaltransactionsforthemonthofApril2008Cash
2、salesof$30,000weremade.Thecostofthegoodsthatweresoldamountedto$12,000.Creditsalesof$40,000weremade.Thecostofgoodssoldwas$16,000.Paymentsof$8000weremadetosuppliers.PaidwagesforthefirsttwoweeksofAprilfor$20,000.Receivedanadvertisinginvoicefor$2000foraradioadvertis
3、ementbroadcaston5April.Thebillwillbepaidnextmonth.Received$25,000fromaccountsreceivable.Attheendofthemonth$18,000isowinginwagesforthelasttwoweeksofthemonth.Itisduetobepaidon1May.Practice—CappuManiaPtyLtdCappuMania'strialbalanceat1April2007Allthecompany’sactiviti
4、esfortheyearended31March2008havebeengroupedintothefollowingsummarylist.First,theeconomiceventstobeaccrued:Revenuefor2008was$89,740.Thecoffeebardoesmostlycashbusiness,soofthis,$85,250wasincashandtherestwasoncredit.Generalexpensedfor2008,notincludingdepreciationor
5、incometax,totaled$67,230.Mostoftheexpenseswereoncredit,forcoffeesuppliesandsoon,soofthis,only$2120wasincash.Attheendoftheyear,itturnedoutthatunsoldfoodonhandcost$550andsuppliesonhandcost$1740.Depreciationexpensefortheyearwas$2380.Thecompany’sincometaxexpensefor2
6、008wasestimatedas$4460.Thecompany'sboardofdirectorsdeclaredadividendof$1000.Cashinflowsandoutflowsby31March2008notalreadymentioned:Collectionsofrevenueoncredittotaled$3330.Paymentstosupplierstotaled$59,420.Thecompanypaid$3000towarditsincometax.Only$800ofthedivid
7、endhadbeenpaid.8Trueoffalsequestions9Chapter11.Thestablemonetaryunitconceptmeansthatthetypeofcurrencyusedforthefinancialstatementsisnotexpectedtochange.2.Theobjectivityprinciplestatesthatassetsandservicesshouldberecordedattheiractualcost,sincecostisareliablemeas
8、uretouseinfinancialaccounting.3.Usingaccrualaccounting,revenuesarenotrecordeduntilthecashfortherevenueisreceived.4.Accrualaccountingismorecompleteandcomplexthancashac
