POA - May 9, 2020

A non-trading organisation is MAINLY concerned with

• importing goods for resale
• trading only with wholesalers
• making maximum profit for the proprietor
• providing various services for its members

Which of the following accounts are nominal?

• Wages and rent
• Stock and debtors
• Machinery and plant
• Creditors and Fixtures

The value of TOTAL fixed assets is

• $12,000

• $14,600

• $15,350

• $19,650

The summarised position of Foster and Scott at 6 March 2015 was: What was the capital of Foster and Scott Limited at 6 March 2015?

• $40,000

• $90,000

• $150,000

• $190,000

From the information listed here, Mr. Jones' capital amount is

• $405

• $450

• $850

• $975

A firm sold items at $80 each. Of these, 9 items were returned. Which of the following will the firm issue in respect of the items returned?

• Debit note for $720

• Credit note for $720

• Receipt for $720

• Invoice for $720

A trade discount maybe described as an allowance given

• to attract buyers
• for quick payment of accounts
• when goods are of a poor quality
• to traders who buy in large quantities

From the following information above, what is the correct closing total for the Sales Account?

• $47,000

• $49,000

• $55,000

• $59,000

Which of the following would NOT appear in a Cash Book?

• Payment for goods $100
• Goods sold on credit $100
• Goods sold for cheque $100
• Goods bought for cash $100

On 12 January 2015, a merchant purchased goods amounting to $120 on the following terms: 5% cash discount if paid within 30 days. He settled his debt on 28 February 2015. How much did he pay?

• $112
• $114
• $120
• $126