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WorksheetsIncomplete records
Total questions: 10
Worksheet time: 13mins
Sumit does not maintain a full set of accounting records.
What does Sumit not need to calculate his credit sales?
customer’s dishonoured cheque
discounts allowed
discounts received
returns from credit customers
$1000 loss
$1000 profit
$7000 loss
$7000 profit
What are advantages of keeping a full set of accounting records?
1 Financial statements will be free from errors.
2 It is impossible to make fraudulent entries.
3 More informed decision-making is possible.
4 The calculation of profit is more accurate.
1 and 2
1 and 3
2 and 4
3 and 4
Roshan’s sales for his first year of trading were $55 000. His gross profit margin was 20%. The closing inventory was $3200.
What were the purchases for the year?
$41 250
$44 000
$44 450
$47 200
Jamal did not maintain double entry records during his first year of trading.
Which item is not required in order to calculate his credit sales using a total trade receivables account?
bad debts
discount allowed
provision for doubtful debts
receipts from credit customers
Sally provided the following information at the end of her financial year.
Revenue 44000
Opening inventory 3000
Closing inventory 1000
Purchases 32000
Expenses 6000
What was Sally’s percentage of gross profit to revenue (gross profit margin)?
9.09%
11.76%
22.73%
29.41%
A business provided the following information.
opening inventory 36 000
closing inventory 24 000
purchases 360 000
revenue 480 000
What was the rate of inventory turnover?
12.0 times
12.4 times
15.5 times
16.0 times
$12000 loss
$12000 profit
$26000 loss
$26000 profit
How is mark-up calculated?
cost of sales / gross profit
gross profit / cost of sales
gross profit / revenue
revenue / gross profit
On 1 May 2018 Ben’s capital was $47600.
During the year ended 30 April 2019 he introduced his personal motor vehicle, $12500, into the business. His drawings during the year ended 30 April 2019 were $7500.
On 30 April 2019 Ben’s capital was $51250.
What was Ben’s profit or loss for the year?
loss $1350
loss $8650
profit $1350
profit $8650
