September 2017
Beginner to intermediate
301 pages
7h 14m
English
Content preview from Financial Accounting
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5Exercises on individual topics with solutions
5.1Bookkeeping and basic terms
Exercise 1: Basic accounting terms
| Category: | Knowledge/Application |
| Time to solve: | 10 minutes |
a) Exercise
You are working in the accounting team of a company at the end of March 20X1. Classify the different transactions as cash in-/outflow, expenditures/proceeds, income/expenses or output/cost. Neglect VAT.
- Delivery of 3,000 kg of raw material for €8/kg on credit.
- Cash sale of goods that were produced in March for €12,000.
- Payment of wages and salaries from bank account of €16,700 for March plus a payment of €3,300 for February.
- Payment of receivables of about €25,000.
- Sale of a used machine for €26,800 on credit. The book value of the machine is €21,800.
- Overdue notice ...
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