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WorksheetsBASIC FINAL ACCOUNTS
Total questions: 15
Worksheet time: 9mins
The following are the main components of financial statements except..
Trading ac
Profit and loss ac
SOFP
Cash Book
The following will be entered in cost of sales except
Wages to clean Office
Carriage Inwards
Custom Duties
Wages to carry goods
What is another term for sales returns of goods?
Purchase Return
Return Outwards
Return Inwards
Carriage Returns
What is another term for Purchase Return of goods?
Return Outwards
Return Inwards
Sales Return
Office return
Sales deduct Cost of sales =
Net profit/ (loss)
Gross profit
Gross (loss)/ Profit
Marginal loss
Total net profit+Total Expenses-Other income=
Cost of sales
Gross profit/(loss)
Net sales
Purchase
Which of the following will be examples of non current assets?
Vehicle for business use
Vehicles for resale
Inventory
Receivables
Closing capital =?
Opening capital+ Net profit+Additional capital- drawings
Opening capital +net profit-drawings
opening inventory+purchase-closing inventory
Non of the above
The following are the examples of current liabilities except ...
Trade payable
Bank OD
Loans payable within 8 months
Loans payable more than 12 months
The following are the examples of current assets except.....
Inventory
Bank debit balance
Trade receivables
Bank having credit balance
What is the purpose of preparing trading account?
To calculate net sales
To calculate cost of sales
To calculate gross profit/(loss)
To calculate net proft
What is the purpose of preparing profit and loss statement?
To calculate gross profit
To compute closing capital
To calculate net profit/ (loss)
To calculate cost of sales
What is the purpose of preparing SOFP?
To show assets, liabilities and capital.
To calculate net profit.
To show total assets only.
To show movement in capital.
Total assets=$40,000. Total liabilities=$35,000. Closing capital =?
$55,000
$5,000
$75,000
$50,000
Total carriage cost = $30,000. 30% incurred to bring the goods. How much to be shown in cost of sales (C) and expenses (E)?
C=$21,000 E=$9,000
C=$9,000 E=$21,000
C=$30,000
E=$30,000 C=nil
