F3 (C1-C6)

F3 (C1-C6)

University

32 Qs

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F3 (C1-C6)

F3 (C1-C6)

Assessment

Quiz

Mathematics

University

Practice Problem

Hard

Created by

Huyen Khanh

Used 1+ times

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32 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which one of the following can the accounting equation can be rewritten as?

Assets + profit – drawings – liabilities = closing capital

Assets – liabilities – drawings = opening capital + profit

Assets – liabilities – opening capital + drawings = profit

Assets – profit – drawings = closing capital – liabilities

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A trader's net profit for the year may be computed by using which of the following formulae?

Opening capital + drawings – capital introduced – closing capital

Closing capital + drawings – capital introduced – opening capital

Opening capital – drawings + capital introduced – closing capital

Opening capital – drawings – capital introduced – closing capital

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business can make a profit and yet have a reduction in its bank balance. Which ONE of the following might cause this to happen?

The sale of non-current assets at a loss

The charging of depreciation in the statement of profit or loss

The lengthening of the period of credit given to customers

The lengthening of the period of credit taken from suppliers

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following documents should accompany a return of goods to a supplier?

Debit note

Remittance advice

Purchase invoice

Credit note

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following are books of prime entry?

1 Sales day book

2 Cash book

3 Journal

4 Purchase ledger

1 and 2

1,2 and 3

1 only

all of them

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which book of prime entry will a business record debit notes in respect of goods which have been sent back to suppliers?

The sales returns day book

The cash book

The purchase returns day book

The purchase day book

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would be recorded in the sales day book?

Discounts allowed

Sales invoices

Credit notes received

Trade discounts

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