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WorksheetsFinancial Statements
Total questions: 10
Worksheet time: 4mins
How is opening stock treated in the final accounts?
deducted from purchases
assed to sales
added to purchases
deducted from sales
Returns inwards should be?
added to sales
deducted from sales
added to purchases
deducted from purchases
How is cost of goods calculated?
opening stock plus net purchases less closing stock
opening stock minus net purchases plus closing stock
purchase minus returns inwards plus opening stock
purchases minus opening stock plus closing stock
How is goods available for sale calculated?
net purchases minus closing stock
net purchases plus closing stock
net purchases minus opening stock
net purchases plus opening stock
Given the following data: Purchases $54,533; Returns Outwards $2,341; Returns Inwards $1,766; Carriage Outwards $543; Carriage Inwards $4,324; Opening Stock $17,600 and Closing Stock $14,342. The value of Cost of Goods Sold is ___?
$56,025
$60,349
$59,774
$64,456
The calculation of turnover is?
sales returns is added to sales
purchases returns is added to purchases
sales returns is subtracted from sales
purchases returns is subtracted from purchases
The calculation for working capital is?
capital minus assets
current liabilities minus current assets
assets minus liabilities
current assets minus current liabilities
The financed by section of the balance sheet is used to calculated?
opening capital
closing capital
net capital
gross capital
Gross assets is calculated by?
adding working capital and current assets
adding fixed assets and current assets
adding current liabilities and long term liabilities
adding working capital and fixed assets
Net Assets is calculated by?
adding capital and assets
adding liabilities and working capital
subtracting long term liabilities from gross assets
subtracting current liabilities from working capital
