What is the opening stock figure in the annual Trading, Profit and Loss Account?

• Equal to the sales figure

• The value of stock on the first day of the 12 month period in question

• The value of the stock on the last day of the 12 month period

• Always the same as the cost of sales

Which of the following are NOT examples of 'expenses' found within the Profit and Loss account?

• Business rates, Advertising Costs, Rent

• Electricity Charges, Motor Vehicle, Professional Charges

• Premises, Motor Vehicle Expenses, Fixtures and Fittings

• Drawings, Long-term Loan, Mortgage

'Expenses' found within the Profit and Loss Account can also be referred to as:

• Current Assets and Cost of Sales

• Purchases and Overheads

• Current Liabilities and Working Capital

• Running Costs and Overheads

Which of the following is NOT found within the Trading Profit and Loss Account?

• Opening Stock

• Gross Profit

• Mortgage

• Marketing costs

Which of the following items from the Profit and Loss Account is also found within the Balance Sheet?

• Opening Stock

• Net Profit

• Sales

• Gross Profit

The term 'Sales' may also be referred to as:

• Profit, Cost of Sales, Income

• Gross profit, Income, Stock

• Sundry Expenses, Revenue, Purchases

• Revenue, Income, Turnover

What was the value of the Opening Stock for Hotel ABC as of 31st December 2013?

• £31,000

• £30,100

• £25,000

• £14,500

As of 31st December 2013, what was the amount recorded under Salaries & Wages in the trial balance for Hotel ABC?

• £138,550

• £100,000

• £68,000

• £53,000

What was the total of both debit and credit columns in the trial balance for Hotel ABC at the end of 2013?

• £530,500

• £1,061,000

• £350,000

• £60,000

What is the Cost of Sales figure for Hotel ABC?

• £100 900

• £100 000

• £131 000

• £350 000