3.4 Final Accounts

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Ekunda Grocers earns $200,000 in sales, has expenses of $80,000 and cost of goods sold amount to $90,000. What is the firm's gross profit?

$110,000

What is the next book value of the computers after two years?

$147,000

Calculate the cost of sales from the following information: cost of stock per unit = $20

$15,000

What is the firm's total dividend payout to shareholders?

$15,000

Use the following information to work out the net profit before tax: interest payable = $1,000

$19,000

Suppose a firm has opening stock of $5,000, purchases of $6,000, and costs of goods sold valued at $8,000. What is the value of its closing stock?

$3,000

What is the firm's net profit?

$50,000

What would the annual depreciation changer if Barragan Consultancy had used the straight line depreciation method for the computers?

$60,000

What is the girls gross profit?

$75,000

Calculate the value of net current assets from the following information: land = $50,000

($5,000)

If a firm buys a delivery vehicle with cash, how will this be reflected in the balance sheet?

An increase in the value of fixed assets with a corresponding fall in the value of cash

An increase in the value of certain fixed assets, such as land and buildings, is known as

Appreciation

Suppliers would be interest in the final accounts of a business in order to

Assess business profitability and performance

Which of the following does not usually apply to fixed assets?

Assets that generate cash sales for a firm

In which final account would you fin shareholders' funds?

Balance sheet

Which of the following is not considered as a guiding principle to accounting practices?

Bureaucracy

Which i the following is not an intangible asset?

Cash deposits at the bank

A business is not legally obliged to report which of the following?

Cashflow forecast

The publication of final accounts includes the following, except for the

Cashflow forecast

Expenses do not include

Cost of sales

Current assets do not include

Creditors

Which of the following is most likely to be a long-term business liability?

Debentures

Which of the following is not a current liability?

Debtors

Which of the following is not considered to be a fixed asset?

Debtors

Which of the following is not be classed as an expense in the profit and loss account?

Direct costs

Which of the following cannot be applied to gross profit?

Expressed as a percentage to allow for historical and inter-firm comparisons

Fixed assets include all of the following except

Finished goods for sale

Owner's equity does not include the calculation of

Fixed assets

Be assets is calculated by

Fixed assets + working capital - long-term liabilities

If expenses are greater than gross profit for a business, then the business

Has made an overall loss

Expenses are the

Indirect costs of trading activities

The appropriations account does not show

Interest charges

Interest payable means

Interest paid to financial lenders

Which statement cannot be applied to goodwill?

It includes the value of labor such as their market value if they were headhunted

Physical assets tend to depreciate over time, Which asset below does not generally follow this trend?

Land

Money owed to other people or organizations is shown in a balance sheet as

Liabilities

The profit and loss account

List all revenue and expenditure of a business over a trading period

Which of the following items does not appear in a profit and loss account?

Machinery and equipment

Which of the following equations is found in a balance sheet of a public limited company?

Net assets = share capital + retained profit

Which of the following items is not found in a balance sheet?

Net profits before interest and tax

Intangible assets are

Non-physical fixed assets that ass value to a business

Which item appears on the balance sheet of a sole trader?

Owner's equity

In which account would overheads and expenses appear?

Profit and loss account

A patent

Provides legal protection for an inventor to prevent others from copying it

Intangible assets include all of the following, except

Services

The main purpose of constructing a balance sheet is to

Show the value of a business at a particular point in time

The trading account gives details of

The cost of goods sold

On a profit and loss account, dividend represent

The portion of net profits after interest and tax that is distributed to shareholders

Which statement about tangible assets is true?

They represent the use of funds of a business

A firm can increase its gross profit by

Using cheaper suppliers


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