#1421

If 1st January 1900 was a Monday, what day was 31st December 1900?

(a) Sunday

(b) Monday

(c) Tuesday

(d) Wednesday

Explanation: 1900 is an ordinary year because, being a century year, it is not perfectly divisible by 400. In any ordinary year, the first day and the last day of the year fall on the exact same weekday. Thus, it was Monday.

#1422

Which day of the week was 5/5/2024?

(a) Tuesday

(b) Monday

(c) Sunday

(d) Wednesday

Explanation: Step-by-step solution: 1. Use Zeller's congruence to compute the day of the week. 2. After substituting the values, remainder corresponds to Sunday. 3. Therefore, 5/5/2024 fell on a Sunday.

#1423

Which day of the week was 19/11/2024?

(a) Wednesday

(b) Thursday

(c) Monday

(d) Tuesday

Explanation: Step-by-step solution: 1. Use Zeller's congruence to compute the day of the week. 2. After substituting the values, remainder corresponds to Tuesday. 3. Therefore, 19/11/2024 fell on a Tuesday.

#1424

Which day of the week was 5/1/2024?

(a) Wednesday

(b) Friday

(c) Monday

(d) Tuesday

Explanation: Step-by-step solution: 1. Use Zeller's congruence to compute the day of the week. 2. After substituting the values, remainder corresponds to Friday. 3. Therefore, 5/1/2024 fell on a Friday.

#1425

Which day of the week was 5/9/2024?

(a) Wednesday

(b) Thursday

(c) Tuesday

(d) Monday

Explanation: Step-by-step solution: 1. Use Zeller's congruence to compute the day of the week. 2. After substituting the values, remainder corresponds to Thursday. 3. Therefore, 5/9/2024 fell on a Thursday.

#1426

Which day of the week was 26/8/2024?

(a) Wednesday

(b) Monday

(c) Thursday

(d) Tuesday

Explanation: Step-by-step solution: 1. Use Zeller's congruence to compute the day of the week. 2. After substituting the values, remainder corresponds to Monday. 3. Therefore, 26/8/2024 fell on a Monday.

#1427

Which day of the week was 12/6/2024?

(a) Thursday

(b) Wednesday

(c) Tuesday

(d) Monday

Explanation: Step-by-step solution: 1. Use Zeller's congruence to compute the day of the week. 2. After substituting the values, remainder corresponds to Wednesday. 3. Therefore, 12/6/2024 fell on a Wednesday.

#1428

Which day of the week was 12/10/2024?

(a) Tuesday

(b) Wednesday

(c) Saturday

(d) Monday

Explanation: Step-by-step solution: 1. Use Zeller's congruence to compute the day of the week. 2. After substituting the values, remainder corresponds to Saturday. 3. Therefore, 12/10/2024 fell on a Saturday.

#1429

Which day of the week was 26/12/2024?

(a) Wednesday

(b) Monday

(c) Thursday

(d) Tuesday

Explanation: Step-by-step solution: 1. Use Zeller's congruence to compute the day of the week. 2. After substituting the values, remainder corresponds to Thursday. 3. Therefore, 26/12/2024 fell on a Thursday.

#1430

Which day of the week was 19/3/2024?

(a) Tuesday

(b) Wednesday

(c) Monday

(d) Thursday

Explanation: Step-by-step solution: 1. Use Zeller's congruence to compute the day of the week. 2. After substituting the values, remainder corresponds to Tuesday. 3. Therefore, 19/3/2024 fell on a Tuesday.

#1431

Which day of the week was 26/4/2024?

(a) Wednesday

(b) Tuesday

(c) Friday

(d) Monday

Explanation: Step-by-step solution: 1. Use Zeller's congruence to compute the day of the week. 2. After substituting the values, remainder corresponds to Friday. 3. Therefore, 26/4/2024 fell on a Friday.

#1432

Which day of the week was 19/7/2024?

(a) Monday

(b) Tuesday

(c) Friday

(d) Wednesday

Explanation: Step-by-step solution: 1. Use Zeller's congruence to compute the day of the week. 2. After substituting the values, remainder corresponds to Friday. 3. Therefore, 19/7/2024 fell on a Friday.

#1433

Which day of the week was 12/2/2024?

(a) Thursday

(b) Monday

(c) Tuesday

(d) Wednesday

Explanation: Step-by-step solution: 1. Use Zeller's congruence to compute the day of the week. 2. After substituting the values, remainder corresponds to Monday. 3. Therefore, 12/2/2024 fell on a Monday.

#1434

If a business pays rent quarterly at $1,200, with an opening accrual of $800 on January 1, 2018, and payments of $2,000, $1,200, and $1,200 made during the year, what amount should be debited to the Income Statement for the year ended December 31, 2018?

(a) $5 600

(b) $4 800

(c) $3 600

(d) $4 400

Explanation: The Income Statement must reflect the rent expense incurred during the current accounting period, regardless of cash payments. Since the rent is $1,200 per quarter, the annual expense is $1,200 multiplied by 4 quarters, totaling $4,800. Accruals and prepayments adjust the cash paid to arrive at this accrual-based expense figure.

#1435

Calculate the maturity date for a three-month Bill of Exchange drawn on January 1, 2013, for 10,000.

(a) 4-4-2013

(b) 31-3-2013

(c) 1-4-2013

(d) 3-4-2013

Explanation: The maturity date is determined by adding the three-month term to the drawing date, which results in April 1, 2013. According to the Negotiable Instruments Act, three days of grace are added to the nominal due date. Therefore, April 1 plus three days of grace equals April 4, 2013.

#1436

A drama club pays $4,500 in rent during 2018. If the annual rent is $3,600 and $300 was accrued on 1 January 2018, what amount is recorded in the Receipts and Payments account?

(a) called up share capital

(b) issued capital plus loan capital

(c) capital the company is allowed to raise

(d) paid up share capital

Explanation: The Receipts and Payments account records actual cash movements. The question asks for the amount paid, which is $4,500. However, the provided options appear to refer to authorized share capital definitions, suggesting a mismatch between the question and the provided answer key. Reviewing the source answer cautiously, it seems to be a placeholder error.

#1437

An asset was acquired on January 1, 20X3, for £5,500. Using the reducing balance method at a rate of 20% per annum, what is the net book value as of December 31, 20X5?

(a) £2,816

(b) £2,200

(c) £3,520

(d) £3,300

Explanation: To calculate the book value after three years: Year 1: £5,500 * 0.8 = £4,400. Year 2: £4,400 * 0.8 = £3,520. Year 3: £3,520 * 0.8 = £2,816. The reducing balance method applies the depreciation rate to the remaining book value each year, resulting in a final book value of £2,816 after three full years of depreciation.

#1438

On January 1, 2009, a business acquired premises using a bank loan repayable in ten years. How does this transaction affect the balance sheet on the date of acquisition?

(a) increased non-current assets, decreased current liabilities

(b) increased non-current assets, increased current liabilities

(c) increased non-current assets, increased non-current liabilities

(d) decreased non-current assets, increased non-current liabilities

Explanation: The purchase of premises increases the business's non-current assets. Since the loan is repayable in ten years, it is classified as a long-term or non-current liability. Thus, the transaction results in an increase in both non-current assets and non-current liabilities, maintaining the balance sheet equation.

#1439

A business reported a working capital of $6,000 on January 31. On February 2, trade receivables paid $1,150 to settle debts of $1,200, and damaged inventory costing $200 was written off. Calculate the working capital at the close of business on February 2.

(a) $7,150

(b) $4,600

(c) $6,950

(d) $5,750

Explanation: Working capital is Current Assets minus Current Liabilities. The cash receipt of $1,150 increases cash but decreases receivables by $1,200, resulting in a net decrease of $50 in current assets. The $50 discount allowed is an expense reducing equity, not affecting current assets/liabilities. Writing off $200 inventory reduces current assets by $200. Total reduction: $50 + $200 = $250. $6,000 - $250 = $5,750.

#1440

A business reports a working capital of $6,000 as of January 31. On February 2, trade receivables pay $1,150 to settle debts of $1,200, and damaged inventory costing $200 is written off. Calculate the working capital at the close of business on February 2.

(a) $6 950

(b) $7 150

(c) $4 600

(d) $5 750

Explanation: Working capital is Current Assets minus Current Liabilities. The receipt of $1,150 cash increases cash (current asset) but decreases trade receivables (current asset) by the same amount, resulting in no net change. The $50 discount allowed reduces current assets. The $200 inventory write-off reduces current assets. Thus, $6,000 - $50 - $200 = $5,750.

January 2024 Current Affairs MCQs & Solutions

If 1st January 1900 was a Monday, what day was 31st December 1900?

Which day of the week was 5/5/2024?

Which day of the week was 19/11/2024?

Which day of the week was 5/1/2024?

Which day of the week was 5/9/2024?

Which day of the week was 26/8/2024?

Which day of the week was 12/6/2024?

Which day of the week was 12/10/2024?

Which day of the week was 26/12/2024?

Which day of the week was 19/3/2024?

Which day of the week was 26/4/2024?

Which day of the week was 19/7/2024?

Which day of the week was 12/2/2024?

If a business pays rent quarterly at $1,200, with an opening accrual of $800 on January 1, 2018, and payments of $2,000, $1,200, and $1,200 made during the year, what amount should be debited to the Income Statement for the year ended December 31, 2018?

Calculate the maturity date for a three-month Bill of Exchange drawn on January 1, 2013, for 10,000.

A drama club pays $4,500 in rent during 2018. If the annual rent is $3,600 and $300 was accrued on 1 January 2018, what amount is recorded in the Receipts and Payments account?

An asset was acquired on January 1, 20X3, for £5,500. Using the reducing balance method at a rate of 20% per annum, what is the net book value as of December 31, 20X5?

On January 1, 2009, a business acquired premises using a bank loan repayable in ten years. How does this transaction affect the balance sheet on the date of acquisition?

A business reported a working capital of $6,000 on January 31. On February 2, trade receivables paid $1,150 to settle debts of $1,200, and damaged inventory costing $200 was written off. Calculate the working capital at the close of business on February 2.

A business reports a working capital of $6,000 as of January 31. On February 2, trade receivables pay $1,150 to settle debts of $1,200, and damaged inventory costing $200 is written off. Calculate the working capital at the close of business on February 2.