BASIC FINAL ACCOUNTS

The following are the main components of financial statements except..

• Trading ac

• Profit and loss ac

• SOFP

• Cash Book

The following will be entered in cost of sales except

• Wages to clean Office

• Carriage Inwards

• Custom Duties

• Wages to carry goods

What is another term for sales returns of goods?

• Purchase Return

• Return Outwards

• Return Inwards

• Carriage Returns

What is another term for Purchase Return of goods?

• Return Outwards

• Return Inwards

• Sales Return

• Office return

Sales deduct Cost of sales =

• Net profit/ (loss)

• Gross profit

• Gross (loss)/ Profit

• Marginal loss

Total net profit+Total Expenses-Other income=

• Cost of sales

• Gross profit/(loss)

• Net sales

• Purchase

Which of the following will be examples of non current assets?

• Vehicle for business use

• Vehicles for resale

• Inventory

• Receivables

Closing capital =?

• Opening capital+ Net profit+Additional capital- drawings

• Opening capital +net profit-drawings

• opening inventory+purchase-closing inventory

• Non of the above

The following are the examples of current liabilities except ...

• Trade payable

• Bank OD

• Loans payable within 8 months

• Loans payable more than 12 months

The following are the examples of current assets except.....

• Inventory

• Bank debit balance

• Trade receivables

• Bank having credit balance