
Financial Accounting 1B
Authored by zintle lubuzo
Financial Education
University
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8 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Gross profit percentage
Given Sales = R1 707 500 and Cost of sales = R1 182 500, what is the gross profit %?
28.0%
30.8%
33.0%
35.0%
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Net profit percentage
Given Profit after tax = R248 400 and Sales = R1 707 500, what is the net profit %?
14.5%
15.8%
17.0%
18.5%
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Current ratio
At 30 Sept 2024: Trade receivables = R240 000, Inventory = R142 500 (so Current assets = R382 500); Bank overdraft = R30 000 and Trade payable = R120 000 (so Current liabilities = R150 000).
What is the current ratio (CA ÷ CL)?
2.00:1
2.25:1
2.55:1
2.80:1
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Quick (acid-test) ratio
Using the same figures as Q3, quick assets = R382 500 − R142 500 = R240 000.
What is (Quick assets ÷ Current liabilities)?
1.25:1
1.40:1
1.60:1
1.80:1
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Creditors’ payment period (days)
All purchases are on credit: Credit purchases = R1 165 000. Trade payables: Opening = R140 000, Closing = R120 000.
What is (Average trade payables ÷ Credit purchases) × 365?
36 days
41 days
48 days
55 days
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Stock (inventory) turnover rate (times)
Use Cost of sales = R1 182 500; Inventory: Opening = R160 000, Closing = R142 500.
What is (COGS ÷ Average inventory)?
6.9 times
7.3 times
7.8 times
8.4 times
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Days inventory on hand
Using the same inventory figures as Q6, what is
(Average inventory ÷ COGS) × 365?
42 days
45 days
47 days
50 days
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