
Section A Quiz
Quiz
•
Mathematics
•
University
•
Practice Problem
•
Hard
Sanskriti Chhabra
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17 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a characteristic of a Limited Company?
Artificial legal person
Owners are partners
Pays Corporation tax
Must produce annual accounts
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
International Financial Reporting Standards are issued by which board?
International Accounting Standards Board (IASB)
International Financial Reporting Board (IFRB)
Accounting Standards Board (ASB)
International Board for Reporting Standards (IBRS)
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The total equity figure for Shopalot Ltd is
£70,000
£50,000
£150,000
£200,000
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The total Assets figure for Shopalot Ltd is:
£270,000
£70,000
£90,000
£200,000
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The total Non-current liabilities for Shopalot Ltd are
£90,000
£20,000
£50,000
£70,000
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which accountants are primarily responsible for preparing the Income Statement, Statement of Financial Position and the Statement of Cash Flows?
Management Accountants
Cost/Budget Accountants
Inventory Accountants
Financial Accountants
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is the correct formula for the calculation of Cost of Sales?
Cost of Sales = Opening Inventories - Purchases - Closing Inventories
Cost of Sales = Opening Inventories + Purchases + Closing Inventories
Cost of Sales = Opening Inventories + Purchases - Closing Inventories
Cost of Sales = Opening Inventories - Purchases + Closing Inventories
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