WorksheetsACCOUNTING
Total questions: 15
Worksheet time: 8mins
What are the cost of a manufacturing business?
cost of sales
manufacturing costs
direct material cost
direct labour cost
factory overheads cost
:APP: how to calculate gross profit on the income statement?
20 sec
operating expenses -sales= Gross profit This is a wrong answer
Sales- cost of sales= Gross profit This is a correct answer operating
income - expenses = gross profit This is a wrong answer
cost of sales -sales =Gross profit
which notes appears in the income statement and not on the balance sheet?
fixed assets or tangible assets as note no 3
interest income and in interest expense as note no 1 and 2
cash and cash equivalents as note no 9
assets or
interest income and in interest expense as note no 1 and 6
which category does depreciation fall under in the accounting equation?
assets
owners equity
liability
expense
imputed expense
do land and buildings depreciate as in note no 3?
land and buildings accumulate
depreciate
expenses
income
interest on savings account is an /a
expense
income
current assets
current liability
the difference between the physical stock take and the stock as per the trial balance.
expense
income
trading stock deficit or trading stock surplus
consumable stores on hand
interest on a bank overdraft is an/a..
current assets
current liability
asset
capital
to whom is the Audit report addressed to
shareholders
directors
internal auditor
external auditor
profit on sale of an asset is an/a
current asset
income
expense
current liability
what are source documents?
these are the small track of transaction.
these are used to keep the business running
they are the small proof that the transaction did happen.
small documents
What is meant by Break-even point?
Where the business made no loss nor profit.
When sales are more than cost of sales.
When profit is more than expenses
When gross expenses exceeds income.
what is the meaning of direct labour?
the person directly involved in the production of good
the supervisor of the factory
the security guard
the cleaner of the factory
what is the difference between cash and credit transaction?
credit no cash involved
you pay in cash
you buy witout using cash
none of the above
explain a measure to improve collection from debtors
offer discounts for early payments
charge interest
set credit limit
threatening
