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12 questions
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- 1. Multiple-choice30 seconds1 pt
Which of the following items will NOT impact Cash
Sales
Credit Sales
Drawings
Loan
- 2. Multiple-choice30 seconds1 pt
The business has a Net loss but a cash surplus. This could be due to
Receipts from Accounts Receivable being greater than Credit Fees
GST Paid
GST Settlement
Drawings
- 3. Multiple-choice30 seconds1 pt
Which of the following is NOT an Expense
Supplies
Supplies Used
Inventory of Supplies
- 4. Multiple-choice30 seconds1 pt
How do you calculate the materials used
Materials at start + materials at end
Materials at start + materials at end + credit fees
Materials at start + materials at end - materials on hand
None of the above
- 5. Multiple-choice30 seconds1 pt
The Income statement is prepared
As at a particular date
Over a period of time
At the end of the week
At the end of the reporting period
- 6. Multiple-choice30 seconds1 pt
Which of the following is Not a revenue
Cash Fees
Credit Fees
Discount Revenue
Discount Expense
- 7. Multiple-choice30 seconds1 pt
An expense must
Decrease Assets and Decrease Liabilities
Decrease Assets and Increase Liabilities
Increase assets and decrease Owners Equity
Decrease Assets and Owners Equity
- 8. Multiple-choice30 seconds1 pt
Which is the best reflection of Owners Equity
Capital +Expenses - Revenue
Capital + Drawings + Revenue - Expenses
Capital - Drawings - Revenue + Expenses
Capital + Revenue - Expenses - Drawings
- 9. Multiple-choice30 seconds1 pt
Which of the following assumptions are important in determining profit
Going concern
Accrual basis
Period assumption
All of the above
- 10. Multiple-choice30 seconds1 pt
Net Profit Margin has gone from 42% to 50%. This could be best explain by
A mistake in the calculation
An improvement in Sales
An improvement in Revenue and a decease in expenses
Better Expense Control
- 11. Multiple-choice30 seconds1 pt
Which of the following is a benchmark
Past Performance
Industry average
Budgeted Expectation
All of the above
- 12. Multiple-choice30 seconds1 pt
Which of the following items would not appear in the Income Statement
Credit Fees
Cash Fees
Receipts from Accounts receivable
Wages Expense
