A business receives rent from letting part of its premises. On 1 January 2022, there was a balance brought forward of $1000 in the rent receivable account in respect of one month's rent received in advance. During the year ended 31 December 2022, the business received further amounts totalling $13000 to cover the period from 1 February 2022 to 31 January 2023. A rent increase of 10% was introduced from 1 April 2022. The statement of profit or loss for the year ended 31 December 2022 incorrectly included an amount of $13000 for rent receivable. What was the effect of this error on the profit for the year?

An inexperienced bookkeeper calculated a draft profit for the year ended 31 December 2015 of $578 500. He had not acc…

A business makes up its financial statements to 30 April each year. Included in the ledger account balances on 1 May …

The statements of financial position of Goh's business showed the following: 30 June 2014 30 June 2015 net assets $15…

The following information is available. budget actual overheads $60000 $66 000 direct labour 30 000 hours 35 000 hour…

A particular cost is classified as 'semi-variable'. What effect will a 20% reduction in activity have on the unit cost?

A business produces and sells watches. In 2015, 4000 watches were produced and 3600 watches were sold. Other informat…