WorksheetsAVBK Session 1 recap
Total questions: 7
Worksheet time: 4mins
Bill is preparing his year end accounts and needs to include all income and expense what is the concept called?
Going concern
Accruals
Prudence
Consistency
Which concept assumes the business will continue to trade?
Consistency
Prudence
Accruals
Going concern
Ahmed sells goods for a net price of £280 to Viktoria and offers her a 2% settlement discount. What is the invoice total?
£274.40
£329.28
£336.00
Assets are £275,000 and capital is £187,000 how much are the liabilities?
£462,000
£88,000
A business makes a sales on 30th December but does not invoice for it until 2nd January. Should the sale be included in the accounts for the year ended 31st December?
Yes
No
Which of these is an asset?
Trade receivables
Trade payables
Discount received
Discount allowed
Which of these is the odd one out?
Electricity
Wages
Discount allowed
Shop fittings
