U1 Accounting AOS2

The mark up formula is:​ (a)   = ​ (b)   x (1 + ​ (c)   )

• Cost Price
• Selling Price
• Mark Up %

Identify the Fixed Costs and Variable Costs for a pizza shop

Groups:

(a) Fixed Costs

,

(b) Variable Costs

• Advertising

• Dough

• Packaging

• Toppings

• Rent

• Wages

Liquidity is the ability of a business to pay its _____ ____ _____ as they fall due

A WCR of ​ (a)   means that for every ​ (b)   of ​ (c)   there are ​ (d)   of ​ (e)   available to pay these short term debts as they fall due.

• current liabilities
• 1.24:1
• $1
• current assets
• $1.24

WCR stands for...

NPM stands for...

WCR above 1 means there are ​ (a)   current assets than current liabilities.

WCR below 1 means there are ​ (b)   current assets than current liabilities.

• more
• less

Organise these options into the right categories

Groups:

(a) Qualitative Characteristics

,

(b) Accounting Assumptions

• Understandability

• Accrual basis

• Going Concern

• Faithful Representation

• Comparability

• Entity

• Period

• Verifiability

• Relevance

• Timeliness

Identify the qualitative characteristic which supports the use of graphs in reports

Contribution Margin = ​ (a)   - ​ (b)  

• Selling Price
• Variable Costs
• Fixed Costs
• Net Profit
• Total Sales