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The Final Accounts

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.
One of these statements about the profit and loss account is correct - which one?
a)
It helps measure the success of a business
b)
It shows the assets and liabilities at a point in time.
c)
It measures the net cash flow of a business
d)
It provides evidence about a firm's liquidity.
2.
The formula of sales revenue less cost of goods sold enables you to calculate
a)
Net profit
b)
Operating profit
c)
Retained profit
d)
Gross profit
3.
Which of these actions might improve gross profit but increase overheads?
a)
Increase the shareholder dividend by 10%
b)
Increase advertising for a new product
c)
Negotiate better prices from a supplier
d)
Increase selling prices by 5%
4.
The trading account on a P&L shows
a)
How net profit is distributed
b)
The difference between a firm's sales revenue and direct costs of trading
c)
The amount of profit or loss made
d)
The expenses, interest and tax
5.
Which of these would normally lead to an imrprovement in a firm's liquidity position?
a)
Higher dividends
b)
Lower profitability
c)
Higher capital spending
d)
Improved working capital
6.
If expenses are greater than gross profit or a business, then the business …
a)
has performed well
b)
has made an overall loss
c)
can distribute a share of the profit to the shareholders
d)
has a positive net profit balance
7.
Hooper Toys Ltd. Purchases goods at $10,000 and manages to sell thses for $18,000. State the Cost of Goods Sold (COGS)
a)
$8,000
b)
$10,000
c)
$18,000
d)
$28,000
8.
Hooper Toys Ltd. Purchases goods at $10,000 and manages to sell thses for $18,000. State the gross profit
a)
$8,000
b)
$10,000
c)
$18,000
d)
$28,000
9.
Hooper Toys Ltd. Purchases goods at $10,000 and manages to sell thses for $18,000. State the sales revenue
a)
$8,000
b)
$10,000
c)
$18,000
d)
$28,000
10.
In which account would you expect to see overheads and expenses?
a)
The Trading Account
b)
The balance sheet
c)
The appropriation account
d)
The profit and loss account
11.
What is depreciation?
a)
An estimate of the fall in value of a fixed asset over time
b)
A cash flow caused by buying foxed assets
c)
An increase in the value of a currency
d)
A cost arising when customers fail to pay their bills
12.
The key difference between current liabilities and long term liabilities is:
a)
Whether there is enough cash to pay them
b)
How large they are
c)
Whether they involve banks or not
d)
When they need to be settled
13.

Total assets=$40,000. Total liabilities=$35,000. Closing capital =?

a)

$55,000

b)

$5,000

c)

$75,000

d)

$50,000

14.

What is the purpose of preparing profit and loss statement?

a)

To calculate gross profit

b)

To compute closing capital

c)

To calculate net profit/ (loss)

d)

To calculate cost of sales

15.

What is the purpose of preparing trading account?

a)

To calculate net sales

b)

To calculate cost of sales

c)

To calculate gross profit/(loss)

d)

To calculate net proft

16.

The following are the examples of current liabilities except ...

a)

Trade payable

b)

Bank OD

c)

Loans payable within 8 months

d)

Loans payable more than 12 months

17.

What is another term for sales returns of goods?

a)

Purchase Return

b)

Return Outwards

c)

Return Inwards

d)

Carriage Returns

18.

What is another term for Purchase Return of goods?

a)

Return Outwards

b)

Return Inwards

c)

Sales Return

d)

Office return

19.

The following are the examples of current assets except.....

a)

Inventory

b)

Bank debit balance

c)

Trade receivables

d)

Bank having credit balance

20.

What is the purpose of preparing a balance sheet?

a)

To show assets, liabilities and capital.

b)

To calculate net profit.

c)

To show total assets only.

d)

To show movement in capital.

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