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WorksheetsACC1-CH.8
Total questions: 12
Worksheet time: 5mins
"Final Accounts" is a term used inexactly to include both the Trading and Profit and Loss account (1) and the Balance Sheet (2)
False
True
(a) is a term used inexactly to include both the Trading and Profit and Loss account (1) and the Balance Sheet (2)
(a) = Sales – Returns inwards
Net Purchases = ...............-....................
(a)
(a) is an expense or charge made for the delivery of goods
......................: an expense or charge paid by a firm to a carrier for delivering goods to customers
Carriage inwards
Carriage outwards
......................: a payment for having purchases delivered
Carriage inwards
Carriage outwards
carriage inwards is transferred to Profit and Loss account
False
True
Net Purchases = (Purchases + Carriage outwards) – Returns outwards
False
True
carriage outwards is an expense so it is debited to Profit and Loss account to calculate Net profit
False
True
Closing stock of the old accounting period will be the (a) stock of the new accounting period.
Opening stock
add Purchases
add Carriage inwards
less Returns outwards
less Closing stock
= (a)
