WorksheetsH Accounting Revision for Intro to Fin Acc Assessment
Total questions: 48
Worksheet time: 25mins
Where does the following item appear?
Carriage Out
Income Statement - Gross Profit Section
Income Statement - Expenses
Income Statement - Other Income
Statement of Financial Position
Where does the following item appear?
Carriage Out
Income Statement - Gross Profit Section
Income Statement - Expenses
Income Statement - Other Income
Statement of Financial Position
Where does the following item appear?
Discount Allowed
Income Statement - Gross Profit Section
Income Statement - Expenses
Income Statement - Other Income
Statement of Financial Position
Where does the following item appear?
Employee Wages
Income Statement - Gross Profit Section
Income Statement - Expenses
Income Statement - Other Income
Statement of Financial Position
Where does the following item appear?
Heat and Lighting
Income Statement - Gross Profit Section
Income Statement - Expenses
Income Statement - Other Income
Statement of Financial Position
Where does the following item appear?
Inventory at the start of the year
Income Statement - Gross Profit Section
Income Statement - Expenses
Income Statement - Other Income
Statement of Financial Position
Where does the following item appear?
Investment Revenues - Interest Recevied
Income Statement - Gross Profit Section
Income Statement - Expenses
Income Statement - Other Income
Statement of Financial Position
Where does the following item appear?
Purchases
Income Statement - Gross Profit Section
Income Statement - Expenses
Income Statement - Other Income
Statement of Financial Position
Where does the following item appear?
Purchase Returns
Income Statement - Gross Profit Section
Income Statement - Expenses
Income Statement - Other Income
Statement of Financial Position
Where does the following item appear?
Rent
Income Statement - Gross Profit Section
Income Statement - Expenses
Income Statement - Other Income
Statement of Financial Position
Where does the following item appear?
Sales Revenue
Income Statement - Gross Profit Section
Income Statement - Expenses
Income Statement - Other Income
Statement of Financial Position
Where does the following item appear?
Sales Revenue Returns
Income Statement - Gross Profit Section
Income Statement - Expenses
Income Statement - Other Income
Statement of Financial Position
Where does the following item appear?
Carriage In
Income Statement - Gross Profit Section
Income Statement - Expenses
Income Statement - Other Income
Statement of Financial Position
Where does the following item appear?
Discount Received
Income Statement - Gross Profit Section
Income Statement - Expenses
Income Statement - Other Income
Statement of Financial Position
Where does the following item appear?
Depreciation of a vehicle ( calculated in the notes)
Income Statement - Gross Profit Section
Income Statement - Expenses
Income Statement - Other Income
Statement of Financial Position
How much goes in to the Income Statement (Expenses)
TB Wages £500
Notes say £50 is still due
£500
£450
£550
How much goes in to the Income Statement (Expenses)
TB Heat and Light £850
Notes say £100 has been paid in advance
£750
£850
£950
A non-current asset is an item owed by the business for a period of more than a year.
True
False
Which of the following are examples of non-current assets?
Property
Fixtures and Fittings
Cash
Machinery
A current asset is an item owned by the business for a period of less than a year.
True
False
Which of the following is NOT an example of a current asset?
Cash
Equipment
Inventory
Trade Receivables
Motor vehicles are an example of a non-current asset.
True
False
A current liability is...
An item owned by the business for a period of more than a year
An item owed by the business for a period of more than a year
An item owed by the business for a period of less than a year
A bank overdraft is an example of a current liability.
True
False
Non-current liabilities are...
Long term debts and will usually take many years to re-pay
Short term debts that will be paid back in less than a year
Equity is the money provided by the owner in order to start the business
True
False
Trade Payables are an example of...
Current assets
Current liabilities
Non-current assets
Non-current liabilities
Trade Receivables are an example of
Current assets
Current liabilities
Non-current assets
Non-current liabilities
Trade payables are...
Another business or person who the business owes money to
Another business or person who owes the business money
Find the term to match the meaning below:
Money the business receives from customers from selling their goods and services
Gross profit
Sales revenue
Sales returns
Warehouse expenses
Find the term to match the meaning below:
Total value of goods returned to the business for customers (e.g. because the goods sold were faulty)
Sales returns
Purchase returns
Carriage in
Warehouse expenses
Find the term to match the meaning below:
The figure that arises from deducting sales returns from sales revenue (i.e. sales revenue - sales returns = ?)
Opening inventory
Net sales
Cost of sales
Gross profit
Find the term to match the meaning below:
Inventory carried forward from the previous accounting period
Opening Inventory
Purchases
Closing Inventory
Carriage In
Find the term to match the meaning below:
Total value of inventory purchased from suppliers by the business for resale
Purchases
Closing Inventory
Other Income
Expenses
Find the term to match the meaning below:
A charge added to purchases when the supplier delivers inventory to the business's premises. It is sometimes referred to as a delivery charge
Carriage in
Carriage way
Carriage out
Carriage car
Find the term to match the meaning below:
Total value of inventory returned to suppliers by the business, (e.g. when the wrong goods are delivered by the supplier or a greater quantity than ordered is delivered)
Carriage in
Purchase returns
Sales returns
Carriage out
Find the term to match the meaning below:
Inventory unsold at the end of an accounting period. This will also appear as a current asset in the Statement of Financial Position.
Closing inventory
Opening inventory
Purchases
Carriage out
Find the term to match the meaning below:
The result of subtracting cost of sales from the net sales revenue
Gross profit
Profit for the year
Net sales
Expenses
Find the term to match the meaning below:
Additional costs associated with running the business for the year. These are adjusted to show what should have been paid, and not what has been paid!
Gross Profit
Expenses
Undercosts
Other income
The other items of income the business has received during the accounting year from sources other than buying and selling goods
Other income
Expenses
Sales revenue
Purchases
Advertising is £300 but the notes tell you there is £50 prepaid. What figure goes into the Income Statement Expenses section?
£300
£250
£350
£50
Wages are £2,100 but the notes tell you there is £400 still due. What figure goes into the Income Statement Expenses section?
£2,100
£1,700
£2,500
£400
Heat and Light is £3,550 but the notes tell you there is £300 outstanding. What figure goes into the Income Statement Expenses section?
£3,550
£3,250
£3,850
£300
Vehicles are £40,000 at cost and are to be depreciated at 20% each year. What figure goes into the Income Statement Expenses section?
£40,000
£32,000
£8,000
£4,000
Machinery is £20,000 at cost and is to be depreciated at 10% each year. What figure goes into the Income Statement Expenses section as Machinery Depreciation?
£20,000
£18,000
£2,000
£1,000
Trade Payables is £10,000 and Trade Receivables is £20,000. If you are to create a provision for bad debts of 10%, which figures will appear in the Expenses section of the Income Statement?
£1,000
£3,000
£2,000
£1,500
Where does the second entry appear in the Income Statement compared to the first entry?
1. Closing Inventory
2. Opening Inventory
Before
After
Does Not Appear
What is the word we use in accounting for delivery costs?
(a)
