Gross profit is the amount of profit earned by a trading business from the _____ _____ _____ _____ _____ (5 words) for a period of time.

(a)  

Profit for the period is the (a)   amount of profit earned by a business for a period of time after including other income earned and deducting other expenses incurred for that period of time.

Profit for the period is the final amount of profit earned by a business for a period of time after including _____ ______ _____ (3 words) and deducting other expenses incurred for that period of time.

(a)  

Profit for the period is the final amount of profit earned by a business for a period of time after including other income earned and deducting _____ _____ _____ (3 words) for that period of time.

(a)  

The purpose of the _____ _____ (2 words) of the statement of financial performance is to show the amount of gross profit earned from the buying and selling of goods for a period of time.

(a)  

The purpose of the trading portion of the statement of financial performance is to show the amount of _____ _____ _____ (3 words) from the buying and selling of goods for a period of time.

(a)  

The purpose of the trading portion of the statement of financial performance is to show the amount of gross profit earned from the _____ _____ _____ _____ _____ (5 words) for a period of time.

(a)  

The purpose of the _____ _____ _____ _____ (4 words) of the statement of financial performance is to report the amount of final profit earned from operating the business (i.e. after including other income earned and deducting other expenses incurred) for a period of time.

(a)  

The purpose of the profit and loss portion of the statement of financial performance is to report the amount of _____ _____ _____ (3 words) from operating the business (i.e. after including other income earned and deducting other expenses incurred) for a period of time.

(a)  

The purpose of the profit and loss portion of the statement of financial performance is to report the amount of final profit earned from (a)   the business (i.e. after including other income earned and deducting other expenses incurred) for a period of time.

The purpose of the profit and loss portion of the statement of financial performance is to report the final profit earned from operating the business (i.e. after including ______ _____ _____ (3 words) and deducting other expenses incurred) for a period of time.

(a)  

The purpose of the profit and loss portion of the statement of financial performance is to report the final profit earned from operating the business (i.e. after including other income earned and deducting ______ _____ _____ (3 words)) for a period of time.

(a)  

The purpose of a statement of financial position is to show the (a)   , liabilities and equity of a business at a point in time.

The purpose of a statement of financial position is to show the assets, (a)   and equity of a business at a point in time.

The purpose of a statement of financial position is to show the assets, liabilities and (a)   of a business at a point in time.

The purpose of a statement of financial position is to show the assets, liabilities and equity of a business at _____ _____ _____ _____ (4 words).

(a)  

The statement of financial position also represents the accounting (a)   .

The statement of financial position also provides information on _____ _____ _____ _____ (4 words) and used in a business and the claim by the owner(s) on the net assets of the business at a point in time.

(a)  

The going concern theory states that in the _____ _____ _____ _____ (4 words) that the business will close down in the foreseeable future, it is assumed that the business has an indefinite economic life. Thus, financial statements are prepared at the end of every 12 months so that stakeholders can receive information on a regular basis for decision-making.

(a)  

The going concern theory states that in the absence of credible evidence that the business will close down in the foreseeable future, it is (a)   that the business has an indefinite economic life. Thus, financial statements are prepared at the end of every 12 months so that stakeholders can receive information on a regular basis for decision-making.

The going concern theory states that in the absence of credible evidence that the business will close down in the foreseeable future, it is assumed that the business has an _____ _____ _____ (3 words). Thus, financial statements are prepared at the end of every 12 months so that stakeholders can receive information on a regular basis for decision-making.

(a)  

The accounting period theory states that the (a)   of a business should be divided into regular time intervals for the purpose of measuring its performance and providing information to stakeholders. Hence, a business should prepare its financial statements at the end of every 12 months.

The accounting period theory states that the life of a business should be (a)   into regular time intervals for the purpose of measuring its performance and providing information to stakeholders. Hence, a business should prepare its financial statements at the end of every 12 months.

The accounting period theory states that the life of a business should be divided into _____ _____ _____ (3 words) for the purpose of measuring its performance and providing information to stakeholders. Hence, a business should prepare its financial statements at the end of every 12 months.

(a)  

The accounting period theory states that the life of a business should be divided into regular time intervals for the purpose of measuring its performance and providing information to stakeholders. Hence, a business should prepare its _____ _____ (2 words) at the end of every 12 months.

(a)  

A trial balance is a (a)   of the ledger accounts and their ending balances at a point in time.

A trial balance is a list of the (a)   accounts and their ending balances at a point in time.

A trial balance is a list of the ledger accounts and their _____ _____ (2 words) at a point in time.

(a)  

A trial balance is a list of the ledger accounts and their ending balances at a (a)   in time.

The main purpose of preparing a trial balance is to (a)   the preparation of the financial statements.

The main purpose of preparing a trial balance is to facilitate the (a)   of the financial statements.

The main purpose of preparing a trial balance is to facilitate the preparation of the _____ _____ (2 words).

(a)  

A trial balance can also be used to enure (a)   accuracy in recording of transactions.

A trial balance can also be used to enure arithmetic accuracy in (a)   of transactions.

The limitation of trial balance is that a (a)   trial balance is not an absolute proof of accuracy. There may be errors not revealed by a trial balance.

The limitation of trial balance is that a balanced trial balance is not an _____ _____ (2 words) of accuracy. There may be errors not revealed by a trial balance.

(a)  

The limitation of trial balance is that a balanced trial balance is not an absolute proof of (a)   . There may be errors not revealed by a trial balance.

The limitation of trial balance is that a balanced trial balance is not an absolute proof of accuracy. There may be errors (a)   revealed by a trial balance.

A balanced trial balance can still contain errors when a transaction was recorded in the _____ _____ (2 words) but with the wrong amount.

(a)  

A balanced trial balance can still contain errors when a transaction was recorded in the correct accounts but with the _____ _____ (2 words).

(a)  

A balanced trial balance can still contain errors when a transaction was _____ _____ (2 words) at all.

(a)  

A balanced trial balance can still contain errors when a transaction was recorded in a _____ _____ (2 words) though with the correct amount.

(a)  

A balanced trial balance can still contain errors when a transaction was recorded in a wrong account though with the _____ _____ (2 words).

(a)  

A balanced trial balance can still contain errors when a transaction was recorded on the _____ _____ (2 words) of the accounts involved

(a)  

The source document that a business uses to record dishonoured cheques is _____ _____ (2 words).

(a)  

One reason for dishonoured cheques is that the cheque has (a)   . It was dated six months ago and is now no longer valid.

One reason for dishonoured cheques is that the cheque is (a)   . It was written for a future date and the bank will only pay on or after that date.

One reason for dishonoured cheques is that information on the cheque is _____ _____ (2 words). For example, amount written in numbers does not match amount written in words.

(a)  

One reason for dishonoured cheques is that information on the cheque is not consistent. For example, amount written in numbers does not match amount written in (a)   .

One reason for dishonoured cheques is that information on the cheque is not consistent. For example, signature is different from the (a)   version in the bank's records.

One reason for dishonoured cheques is that information on the cheque is _____ _____ (2 words). For example, there is no date, amount to be paid or signature.

(a)  

One reason for dishonoured cheques is that the payer's bank account does not have _____ _____ (2 words).

(a)  

One reason for dishonoured cheques is that the payer's bank account is (a)   or frozen.

One reason for dishonoured cheques is that the payer's bank account is closed or (a)   .