26 questions
It is not a legal requirement for all companies to show their shareholders the sources and use of finances
True
False
Net profit and operating profit are equal when there is an absence of which option below?
Expenses
Dividends
Interest
Tax
overdrafts and creditors are examples of current liabilities
True
False
Three sections of an income statement (select 3)
Traders
Trading account
Shareholder's Equity
Appropriation Account
Profit and Loss Account
Which of the following items is not found in a balance sheet?
Liabilities falling due after one year
Trade creditors
Net Profits before interest and tax
Intangible fixed assets
A financial obligation of a business that it is required to repay in the future
Asset
Debt
Liability
Not my problem
The three main business accounts are: 1 Cash-flow statement 2.... 3.... (select 2)
Capital Cash-Flow Statement
Income Statement
Net Assets Business Accounts
Working Cash-Flow Statement
Balance Sheet
Ortega Clothing Company has expenses of $123 000 and a net profit of $321 000. Calculate the firm's gross profit
$321 000
$440 000
$198 000
$ 444 000
Which statement below cannot be applied to gross profit?
Appears in the Trading Account
Calculated by Sales less Cost of Sales
Calculated as Sales less Cost of Goods Sold
Expressed as a percentage to allow for historical and inter-firm comparisons
The profit of a business during an accounting period is equal to
total revenues less total expenses
total cash receipts less total expenses
total revenues less total cash payments
total cash receipts less total cash payments
The gross profit is
1,500,000
1,000,000
10,000,000
1,200,000
The operating profit is
1,050,000
1,200,000
1,500,000
1,000,000
The profit before tax is
350,000
1,050,000
1,200,000
850,000
The profit after tax is
750,000
350,000
250,000
900,000
The retained earnings are
450,000
1,500,000
250,000
850,000
What is the cost of inventory sold in January 2010?
87.000
67.000
72.000
77.000
The total equity of a business is equal to
the total assets less the total liabilities of the business
the total assets of the business
the total liabilities of the business
the total assets less the current liabilities of the business
The balance sheet shows
the financial position of the business
the financial performance and the financial position of the business
the cash flow of the business
the financial performance of the business
The Shareholders' Equity is
8.650
20.150
4.000
12.500
The current liabilities are
8.850
7.650
7.200
7.000.
The current assets are
8.000
10.000
5.000
9.500
Total Liabilities are
8.850
9.850
20.150.
11.500
The working capital is
20.150
8.350
21.150
1.150
The total assets are
29.000
30.000
20.150
10.000
The total assets less current liabilities
21.150
20.150
10.500
11.500
The net assets are
29.000
21.150
20.150
30.000