Final accounts
Quiz
•
Social Studies
•
1st - 3rd Grade
•
Practice Problem
•
Hard
Bo Gao
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11 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What does the trading account gives details of?
Overheads and other costs of production
The cost of goods sold
The current value of the organization
The net profit(or loss)during a trading period
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
If expenses are greater than gross profit for a business, then the business
Can distribute a portion of the profits to shareholders
Has a positive net profit balance
Has made an overall loss
Has performed well on financial grounds
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
In which account would overheads and expenses appear?
Appropriation account
Balance sheet
Profit and loss account
Trading account
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following items does not appear in a profit and loss account?
Cost of goods sold
Expenses
Machinery and equipment
Overheads
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
On a profit and loss account, dividends represent
The numerical difference between retained profit and expenses
The numerical difference between tax and interest payments
The portion of net profits after interest and tax that is distributed to shareholders
The portion of net profits that is reinvested by the business
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following cannot be applied to gross profit
Appears on the trading account
Calculated as sales revenue minus the cost of goods sold
Calculated by total revenue minus the cost of sales
Expressed as a percentage to allow for historical and inter-firm comparison
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Expenses are the
Costs of non-trading activities
Direct costs of trading activities
Direct costs of non-trading activities
Indirect costs of trading activities
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