If the following lists of assets found on the Balance Sheet of a retail trader were to be arranged in order of liquidity, the sequence would be

Which of the following are real accounts?

The assets of a business total $3,200 and the liabilities total $820. What is its capital?

Which of the following states the correct order of the stages in the accounting cycle?

A retailer purchases goods worth $3,000. He receives 30% trade discount and 5% cash discount. How much should he pay for the goods?

Mrs. Green is a dry goods merchant. Which of the following would result in a debit to her cash account?

The trial balance is a statement which helps us to

A businessman bought a new typewriter for $6000. He paid $4000 in cash and traded in his old typewriter. What is the entry to record this transaction?

Which of the following would be regarded as examples of current assets?

Goods previously bought for $90 are returned by the buyer to D. Fine. How should this be recorded in the buyer's journal?

An increase in drawings will result in

A credit balance in the Cash Book indicates that

A trader had an opening capital of $3,900. If his drawings were $900 and his closing capital was $4,860, what was his Net Profit?

Which of the following terms describes the exchange of goods and services?

Which of the following transactions will NOT be recorded in the Purchases Day Book of a grocery shop?

What would be the effect on a firm's Balance Sheet of the purchase of equipment on credit?

A statement that gives the financial position of a business at specific date is a

An invoice is a document made out when goods are

In which book would a trader enter the writing off of a debt of a bankrupt customer?

The cash book is best used for recording

Which of the following is used to complete a journal entry?

A businessman offers a discount for prompt payment for goods purchased. Under which column in his three-column cash book would this discount be entered?

The balance of an accounts payable account is entered in the Balance sheet under which heading?

How does an increase in bad debts affect a sole trader's financial statements?

The Trial Balance is prepared using balances from the

A calculation to determine gross profit percentage is as follows:

$$\frac{185\ 530}{529\ 800}\ \times\frac{100}{1}\ =35.02\%$$

What does the $185,530 represent?

A calculation to determine gross profit percentage is as follows:

$$\frac{185\ 530}{529\ 800}\ \times\frac{100}{1}\ =35.02\%$$

What does the $529,800 represent?

Mrs. Smith does not keep proper records. She began her business with $10,000 in its bank account. She uses her vehicle and building worth $6,000 and $15,000 respectively as part of the business.

Customers owe her $4,000. She withdrew $1,500 for personal use and owed creditors $2,000.

What is closing capital of the business?

The working capital of A. Young and Sons is $15, 500. The total amount of current assets is $16,500. What is the total amount of current liabilities?

Sales - 83, 868

Sales Return - 1, 570

Discount allowed - 911

Inventory at start - 9, 850

Inventory at close - 11, 075

Purchases- 52, 640

Purchases return - 762

What is the cost of goods sold?

Sales - 83, 868

Sales Return - 1, 570

Discount allowed - 911

Inventory at start - 9, 850

Inventory at close - 11, 075

Purchases- 52, 640

Purchases return - 762

What is the gross profit?

A sole trader uses his trading account to determine

To which account should depreciation of office machinery be transferred?

The following balances appeared in the ledger of Mrs G. Dalton.

Machinery - 4,000

Debtors - 3,000

Purchases - 1,000

Sales - 5,000

Capital - 3,000

What is the total of the Trial Balance?

Which of the following financial documents shows the net earnings of a business?

A photocopying machine valued at $5,000 is depreciated at 10% per annum using the straight line method. What is its book value after TWO years?