Financial Statements

How is opening stock treated in the final accounts?

• deducted from purchases

• assed to sales

• added to purchases

• deducted from sales

Returns inwards should be?

• added to sales

• deducted from sales

• added to purchases

• deducted from purchases

How is cost of goods calculated?

• opening stock plus net purchases less closing stock

• opening stock minus net purchases plus closing stock

• purchase minus returns inwards plus opening stock

• purchases minus opening stock plus closing stock

How is goods available for sale calculated?

• net purchases minus closing stock

• net purchases plus closing stock

• net purchases minus opening stock

• net purchases plus opening stock

Given the following data: Purchases $54,533; Returns Outwards $2,341; Returns Inwards $1,766; Carriage Outwards $543; Carriage Inwards $4,324; Opening Stock $17,600 and Closing Stock $14,342. The value of Cost of Goods Sold is ___?

• $56,025

• $60,349

• $59,774

• $64,456

The calculation of turnover is?

• sales returns is added to sales

• purchases returns is added to purchases

• sales returns is subtracted from sales

• purchases returns is subtracted from purchases

The calculation for working capital is?

• capital minus assets

• current liabilities minus current assets

• assets minus liabilities

• current assets minus current liabilities

The financed by section of the balance sheet is used to calculated?

• opening capital

• closing capital

• net capital

• gross capital

Gross assets is calculated by?

• adding working capital and current assets

• adding fixed assets and current assets

• adding current liabilities and long term liabilities

• adding working capital and fixed assets

Net Assets is calculated by?

• adding capital and assets

• adding liabilities and working capital

• subtracting long term liabilities from gross assets

• subtracting current liabilities from working capital