WorksheetsB215 Revision
Total questions: 8
Worksheet time: 4mins
Which one of the following financial statements would provide a user with information regarding the amount of accounts receivables owing from customers?
Statement of Changes in Equity
Statement of Comprehensive Income
Statement of Financial Position
Statement of Cash Flows
Which of the following enhancing qualitative characteristics is best described by the sentence below?
“Classifying and presenting financial information clearly and concisely to make it easier for users to comprehend.”
Comparability
Relevance
Understandability
Faithful Representation
On 1 July 2025, Toodle, an art supplies company, purchased a printer costing $8,000 for office use. The printer was delivered on the same day, but payment has not yet been made.
Which of the following journal entries should Toodle record?
Dr. Office Equipment, Cr. Cash
Dr. Inventory, Cr. Accounts Payable
Dr Office Supplies Expense Cr. Other Payables
Dr. Office Equipment, Cr. Other Payables
On 4 July 2025, Toodles paid $12,000 in cash for rental relating to the month of August 2025.
Which of the following accounting element increases as a result of this transaction?
Asset
Liabilities
Expense
Revenue
Which of the following best describes the going concern assumption in accounting?
A business will operate only for the current accounting period.
A business is expected to continue its operations into the foreseeable future.
All assets must be recorded at their liquidation value.
A business must prepare financial statements on a cash basis.
A business sold 180 units of a product at a listed price of $12 each. The cost of each unit is $7. A 5% trade discount was given on the total selling price.
Calculate the total amount of trade discount given.
$2,160
$108
$1,260
$63
Potts Pte Ltd uses the FIFO costing method under a Perpetual Inventory System. On selling 100 units of inventory for cash, what journal entries should be recorded?
Dr Cash
Cr Sales Revenue ;
Dr Cost of Goods Sold
Cr Inventory
Dr Cost of Goods Sold Cr Inventory
Dr Accounts Receivable
Cr Sales Revenue;
Dr Inventory
Cr Cost of Goods Sold
Dr Inventory
Cr Cost of Goods Sold
Potts Pte Ltd has an opening inventory of 100 units costing $6 each. Subsequently, it purchased 200 units at $7 each. If Potts sold 180 units at $12 each after the purchase, calculate the cost of goods sold (COGS). [Reminder: Potts uses FIFO costing method]
$2,160
$1,260
$1,160
$1,200
