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WorksheetsFinal Accounts Preparation 1
Total questions: 10
Worksheet time: 10mins
Opening stock is £2,000, closing stock is £3,000 and Purchases are £12,000. Cost of Sales?
£10,000
£11,000
£12,000
£13,000
This accounting concept is also known as the matching principle. Which one is it?
going concern
accruals
materiality
business entity
Which one is NOT a supporting qualitative characteristic?
timeliness
verifiability
comparability
confidentiality
The balance on an accrued expense account represents:
non-current asset
current asset
non-current liability
current liability
Which one of the following appears in the statement of profit or loss?
cash
irrecoverable debt
sundry payables
allowance for doubtful debts
SLCA: balance b/d is £10,000, balance c/d is £14,000 and bank receipts are £35,000. Sales?
£11,000
£39,000
£31,000
£42,000
Which ONE is the most relevant legislation for setting up a partnership?
Companies Act 2006
Charities Act 2011
LLP Act 2000
IAS 2
A trader uses a mark up of 30%. The cost of sales is £84,000. What is the sales revenue?
£120,000
£25,200
£109,200
£115,500
A trader uses a margin of 25%. The product selling price is £16/unit. What is the cost price/unit?
£11.00
£12.80
£12.00
£13.80
In a limited company, the company is run by
directors
employees
partners
shareholders
