Final Accounts Prep

What does LLP stand for?

• Limited Loan Partnership

• Limited Liability Partnership

• Local Limited Partnership

• Lower Liability Partnership

Which accounting principle relates to a business presumed to continue trading for the next 12 months?

• Business Entity

• Materiality

• Going Concern

• Accruals

In the absence of a Partnership Agreement which Act does a Partnership need to comply with the accounting rules of?

• Partnership Act 1980

• Partnership Act 1990

• Partnership Act 1900

• Partnership Act 1890

What is the term used to describe ownership in a limited company?

• Equity

• Capital

Which of the below is NOT a supporting qualitative characteristic of relevance and faithful representation?

• Materiality

• Comparability

• Understandability

• Verifiability

Which of below terms represents an error in the TB where a transaction is entered in the wrong type of account?

• Error of omission

• Error of commission

• Error of principle

• Error of original entry

Which of the below is a non-current liability?

• Trade payables

• Bank overdraft

• Long-term bank loan

• VAT payable

Which of the following is the least liquid asset?

• Property

• Motor vehicle

• Inventory

• Cash at bank

When dealing with incomplete records how do we calculate purchases?

• payments + opening trade payables - closing trade payables

• payments - opening trade payables + closing trade payables

What is gross profit mark-up?

• % based on selling price

• % added to cost or buying price