GR9 Accounting concepts & GL

The total cost amount of the stock sold by the business.

• Cost of Sales

• Sales

• Selling price

• Cost price

Trading stock is recorded at ...

• Selling price

• Cost price

• Mark-up

• Profit

Bought Trading stock cash.

• Dr: Cost of sales

  Cr: Bank

• Dr: Cost of sales

  Cr: Trading stock

• Dr: Bank

  Cr: Trading stock

• Dr: Trading stock

  Cr: Bank

Balance sheet accounts show ...

• The performance of the business

• The health of the business

• The success of the business

• How much the business owes

Nominal accounts show ...

• The performance of the business

• The health of the business

• The success of the business

• How much the business owes

The Nominal accounts are used to calculate

• Liabilities

• Profit / Loss

• Owners equity

• Assets

Cost of Sales decreases

• Bank

• Sales

• Drawings

• Trading stock

Calculate cost of sales if sales is R50 000 and the profit margin is 60%. Cost of Sales = ?

• R31 250

• R80 000

• R50 000

• R30 000

Which account is NOT an EXPENSE?

• Stationery

• Cost of sales

• Capital

• Consumables

Which account is NOT an INCOME?

• Sales

• Bank

• Rent income

• Current income