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Q 1/30
Score 0
What MAIN need of an owner is satisfied by the preparation of financial statements?
60
helping to decide whether to extend credit facilities
helping to assess whether to negotiate for increased wages for employees
getting information included in the Gross Domestic Product (GDP)
determining if the business is profitable
Q 2/30
Score 0
What category of user requires information about the business' ability to repay its short-term obligations?
60
Debtors
Government
Creditors
Owners
30 questions
Q.
What MAIN need of an owner is satisfied by the preparation of financial statements?
1
60 sec
Q.
What category of user requires information about the business' ability to repay its short-term obligations?
2
60 sec
Q.
Which financial statement of a business shows the business' financial performance?
3
60 sec
Q.
Which financial statement of a business shows the business' financial position?
4
60 sec
Q.
Which of the following represents Opening Inventory added to Net Purchases?
5
60 sec
Q.
What is the name of the figure from which closing stock is subtracted?
6
60 sec
Q.
Which of the following represents the figure obtained when Closing Stock is deducted in the Income Statement?
7
60 sec
Q.
Another name for transportation on purchases is
8
60 sec
Q.
Returns Inwards is
9
60 sec
Q.
Returns Outwards is
10
60 sec
Q.
Demerara Supermarket provides a delivery service to customers. The supermarket pays the drivers for delivering the groceries to the customers. What is the cost to Demerara Supermarket called?
11
60 sec
Q.
Discount allowed is listed as
12
60 sec
Q.
Which equation represents Gross Profit?
13
60 sec
Q.
Which equation represents Net Profit?
14
60 sec
Q.
Motor vehicles are listed as a
15
60 sec
Q.
Accounts Payable are listed as a
16
60 sec
Q.
Bank overdraft is listed as a
17
60 sec
Q.
Inventory is listed as a
18
60 sec
Q.
Which stock is included in the Trial Balance?
19
60 sec
Q.
Which stock figure is used in the Balance Sheet?
20
60 sec
Q.
Short-term investments are listed as a
21
60 sec
Q.
Items in the Balance Sheet are listed in order of
22
60 sec
Q.
What is the value of Fixed Assets?
23
120 sec
Q.
What is the value of Current Assets?
24
120 sec
Q.
What is the value of Capital?
25
120 sec
Q.
If Opening Capital is $5 000, Net Profit is $12 000 and Drawings is $200, what is the value of Closing Capital?
26
120 sec
Q.
Fixed Assets total $12 000, Current Assets total $8 000 and Current Liabilities are $3 500. What is the value of Capital?
27
120 sec
Q.
What is the formula for working capital?
28
120 sec
Q.
If Opening capital is $20 000, Closing Capital is $125 000 and Drawings is $2 000, what is the Net Profit?
29
120 sec
Q.
Terrel George started business with a retail store in Castries, St. Lucia, with a building worth $20 000 and cash of $8 000. At the end of the year he had an ending capital of $36 000 after making drawings during the year of $4 000. What is his NET INCOME for the year?
