BUSS1030 Midsem 2021

Which of the following best describes Toyota?

• Retailer

• Wholesaler

• Manufacturer

• Service Provider

Which of the following business types has limited life?

• Sole Trader

• Partnership

• Company

• Manufacturer

Which of the following is not an effect of being separate legal entities?

• Unlimited life

• Paying company tax

• Increased access to funds

• Limited liability

Which of the following best describes what an income statement does?

• Summarises cash flows for a specific time period

• Summarises financial position on a given date

• Summarises financial performance for a specific time period

• Communicates information to internal users to make decisions

Which of these components is not on the statement of changes in equity?

• Owner's contributions

• Income

• Assets

• Drawings

Which of the following is not affected by Generally Accepted Accounting Principles?

• Balance Sheet

• Cost Report

• Income Statement

• Cash Flow Statement

Which of the following best describes break-even point?

• Fixed Costs - Variable Costs = 0

• Unit Variable Cost x Selling Price = Fixed Costs

• Total Costs / Total Contribution Margin = Fixed Costs

• Revenue - Total Variable Costs = Fixed Costs

Which of the following budgets does not apply to a Merchandising business?

• Purchases budget

• Production budget

• Expenses Budget

• Materials Budget

Select all the asset accounts

• Prepaid rent

• Buildings

• Cash at Bank

• Depreciation Expense