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WorksheetsAccounting IGCSE 4.0
Total questions: 10
Worksheet time: 5mins
Where is interest on partners’ capital shown in the partnership final accounts?
Appropriation Account
Cash Book
Profit and Loss Account
Trading Account
Mary and Jane are in partnership sharing profits and losses in the proportions Mary : Jane, 2 : 1 .
They have agreed that Mary will receive an annual salary of $9000.
Net profit for the year was $24 000.
What is Jane’s share of the profit for the year?
$5000
$8000
$10 000
$16 000
A business provides the following information.
capital 1 January 2003 : $60 000
drawings during the year : $40 000
capital introduced during the year : $10 000
capital 31 December 2003 : $80 000
What is the profit for the year?
$10 000
$20 000
$50 000
$70 000
A business has not kept full accounting records.
Which formula is used to calculate the credit sales?
amounts received + closing debtors + discounts allowed – opening debtors
closing debtors – amounts received + opening debtors + discounts allowed
amounts received + closing debtors – opening debtors
closing debtors – amounts received + opening debtors
How is working capital calculated?
current assets – current liabilities
fixed assets – current liabilities
owners capital – current liabilities
total assets – current liabilities
Which is a measure of profitability?
current ratio
quick ratio
rate of stock turnover
return on capital employed
The balance sheet of a business includes the following.
debtors $10 000
creditors $14 000
bank overdraft $6 000
stock $15 000
What is the quick ratio?
0.50 : 1
0.71 : 1
1.14 : 1
1.25 : 1
Which shows how well a business controls its expenses?
current ratio
percentage of gross profit to sales
percentage of net profit to sales
rate of stock turnover
How is the profit as a percentage of the capital employed calculated?
(gross profit / assets ) x 100%
(net profit / assets ) x 100%
(gross profit / capital ) x 100%
(net profit / capital ) x 100%
The quick ratio of Eric is 1.3 : 1,
the quick ratio of Ken is 0.4 : 1.
What does a comparison of these ratios show?
Eric controls his overhead expenses better than Ken
Eric's cost of sales is lower then Ken's
Ken has a lower return on capital employed than Eric
Ken has less liquidity than Eric
