The Following Information Is Taken from the Accounts of Birmingham

question 4

Multiple Choice

The following information is taken from the accounts of Birmingham Ltd for year ended 30 June 2016.

What was the amount of cash received from customers?

• A) $305 000
• B) $465 000
• C) $485 000
• D) None of the answers provided

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Definitions:

Breach of Contract

The violation of any of the agreed-upon terms and conditions of a binding contract, which may result in legal action.

Chartered Banks

Chartered Banks are financial institutions that have been granted a charter or license by the government, allowing them to operate and offer a range of banking services, such as accepting deposits and making loans.

Secured Creditor

A creditor who has a claim on property of the debtor, giving him priority on that property over other creditors.

Guarantee

A formal promise or assurance, typically in writing, that certain conditions will be met or that a product will perform as stated.