WorksheetsFinal Accounts
Total questions: 5
Worksheet time: 3mins
How should the owner of a business use his financial statements?
To calculate the cash drawings for the year
To determine the amount due to trade payables
To measure the change in the bank balance
To monitor the progress of the business
Why does the owner of a business calculate profit?
To find the return on capital
To find the total expenses
To know how much he can borrow from bank
To know the loan interest he can afford to pay
How are net sales calculated?
Sales- returns outwards
Sales + carriage inwards
Sales- sales returns
Sales+ returns inwards
Calculate cost of sales of from the following information
Opening inventory $7000
Purchases $6000
Carriage inwards $1000
Closing inventory $2000
$12000
$10000
$8000
$1000
In which order current assets are recorded in statement of financial position?
Inventory, cash in hand, cash at bank , trade receivables
Inventory,trade receivables,bank,cash
Inventory, bank , trade receivables, cash
Trade receivables, inventory, cash , bank
