WorksheetsACC1-CH.6+7
Total questions: 25
Worksheet time: 12mins
based on the data in the trial balance, we can prepare.....
Balance sheet (assets = capital + liabilities)
Trading and profit and loss accounts
1. Trading and profit and loss accounts
2. Balance sheet (assets = capital + liabilities
Net profit is calculated by drawing up ...........................................
the Profit and Loss Account
Trading Account
Trading and Profit and Loss Account
Gross profit is calculated by drawing up ...........................................
the Profit and Loss Account
Trading Account
Trading and Profit and Loss Account
(a) is the amount in the trading account by which sales income exceeds the cost of goods sold.
(a) is the profit remaining after “other costs” (eg: wages& salaries, office expenses….) have been deducted from gross profit.
Trading and Profit and Loss Account is a (a) account, including Trading account (1) & Profit and loss account (2)
(a) = Sales – Cost of goods sold
(a) = Purchases – Closing stock
(a) = Gross profit - ∑ Expenses
If other income is received,
Net profit = (a) - ∑ Expenses
The .......................Trading and Profit and Loss Account is divided into two sides; Dr side on the left and Cr side on the right.
horizontal
vertical
Balance sheet (B/S) is a financial statement drawn up at intervals (eg: yearly or half-yearly) summarising the asset and liability position of a business.
True
false
Balance sheet (B/S) is a (a) drawn up at intervals (eg: yearly or half-yearly) summarising the asset and liability position of a business.
(a) are the resources owned by a business, including fixed assets and current assets.
................................ are the assets which are expected to have a long or relatively long life in the business and not bought primarily with the purpose of reselling them.
current assets
Fixed assets
................................ are short-term assets, usually changing day-by-day.
current assets
Fixed assets
Capital means money or assets introduced to a business by the owner(s). It may be increased by addition of ....... ...... or reduced by ......
(a)
Liabilities mean the amounts (a) by a business; its financial obligations
..................mean the amounts payable/due in more than one year.
Long-term liabilities
Current liabilities
..................mean the amounts payable within one year.
Long-term liabilities
Current liabilities
Loan from (someone or financial organizations…for more than one year) belongs to.....
Long-term liabilities
Current liabilities
"Creditors, bank overdraft, short-term bank .." belong to..................
Long-term liabilities
Current liabilities
The ................................Balance Sheet shows assets on the left-hand side and capital & liabilities on the right-hand side
vertical
horizontal
"Motor vehicle, fixtures and fittings, premises, machinery…" belong to.............................
fixed assets
current assets
"stock, debtor, cash, bank.…." belong to.............................
fixed assets
current assets
