Worksheetsjunior cycle fnal account quz
Total questions: 30
Worksheet time: 15mins
Trading account is prepared to
Calculate gross profit
Calculate profit for the year
Calculate all the incomes and expenses
Calculate all the assets and liabilities
Income earned from normal business activities are
Sales returns
Purchases
Revenue
Purchases returns
Revenue is referred to as
Profit
Sales turnover
Gross profit
Sales returns
How is cost of sales calculated?
Opening inventory - Purchases + Closing Inventory
Opening inventory + Purchases + Closing Inventory
Opening inventory - Purchases - Closing Inventory
Opening inventory + Purchases - Closing Inventory
Carriage inwards is
Added to purchases
Subtracted from purchases
Added to revenue
Subtracted from revenue
Sales return occurs when
Suppliers sell goods to the business
Customers return goods to the business
Business return goods bought from suppliers
Business return goods sold by suppliers
Purchases return occurs when
Business sell goods to customers
Customers return goods to the business
Business return goods bought from suppliers
Customers return goods sold by business
How is gross profit calculated
Opening inventory + Purchases - Closing inventory
Revenue - Sales return
Revenue - Cost of sales
Sales return + Cost of sales
Sales return is
Added to purchases
Subtracted from purchases
Added to revenue
Subtracted from revenue
Purchases return is
Added to purchases
Subtracted from purchases
Added to revenue
Subtracted from revenue
return outward is deducted from ?
sales
purchase
Which of the following does NOT appear in the Trading Account.
Closing Stock
Manager's Salary
Wages
Purchase Returns
Why is Trading Account made
To find total cash in business
To find the Net Profit
To find the Gross profit
To find the total asset and liabilities of the business.
Return Inwards appearing in the Trial Balance is deducted from
Purchases
Sales
Direct expenses
none of these
The profit and loss account is also known as the income statement.
TRUE
FALSE
Final accounts are financial statements compiled by businesses at the end of a particular accounting period such as the end of a fiscal or trading year.
TRUE
FALSE
.................................. refers to the final section of a Profit and loss account and shows how the net profit after interest and tax is distributed, i.e.dividends to shareholders and/or retained profit kept by the business.
The appropriation account
Retained profit
Balance sheet
The profit and loss account, or the profit statement, shows the net profit (or loss) of a business at the end of a trading period.
TRUE
FALSE
...........................are the indirect or fixed costs of production, e.g. administration charges, management salaries, insurance premiums (for buildings, vehicles and stock) rent of land and property, and stationery costs.
Expenses
dividends
Indirect costs (not affected by output changes) include ;
rent, insurance
packaging, raw materials
production wages, delivery fuel
What is balance sheet?
A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure.
A Balance sheet is one of a company's core financial sheet that shows their profit and lossProfit and Loss
The balance sheet heading will specify a
Period Of Time
Point In Time
Amount which the proprietor has invested in a business is known as ......
Capital
Liability
Asset
Expenses
Amount which the firm owes to outsiders is known as.....
Capital
Expenses
Liability
Asset
Assets held for continued use in the business and not meant for resale are termed as..........
Fixed asset
Current Asset
Tangible asset
Intangible Asset
.......... Refers to those liabilities which are to be paid normally with in one year.
Current liability
Non Current Liability
Loan
Borrowing
Select the item which is a fixed asset
They are long-term debts or borrowings payable after 12 months by the business. They include long-term bank loans and mortgages.
Long-term liabilities
Current liabilities
Define Liabilities
Money an individual or organization owes
Anything an individual or business owns that has commercial or exchange value.
Short-term assets that last in a business for up to 12 months. They include cash, debtors, and stock.
Fixed assets
Current assets
