Which of the following is correct?
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1 .Which of the following is more of a disadvantage of operating as a sole trader rather than a partnership?
A Risk of personal bankruptcy B Limited access to finance C Responsibility for all liabilities D Requirements to keep accounting records
2 .Which one of the following items could properly be included in non-current tangible assets in the statement of financial position of a manufacturing business?
A USD55,000 representing the use of the business’s own labour and material costsincurred in constructing an extension to the warehouse B USD45,000 representing the salary and occupancy costs of a manager whose main function is to prepare, control and implement capital expenditure budgets C USD25,0...
3 .Which one of the following represents cost of goods sold in a statement of profit or loss?
A Purchases – closing inventory + opening inventory B Purchases – opening inventory + closing inventory C Opening inventory + purchases + closing inventory D Closing inventory + purchases – opening inventory
4 .A trader had the following items in his statement of financial position on 31 December 2014 and 2015: 2014 2015 USD USD Land 2,000 2,000 Cars 1,000 – Payables 500 2,000 Receivables 2,000 2,000 Cash 500 – Closing inventory – 6,000 Accrued expenses – 1,000 During the period the trader made drawings of USD700.What was the trader’s profit for the year ended 31 December 2015?
A USD1,300 B USD2,700 C USD6,700 D USD7,700
5 .A trader had the following items in his statement of financial position on 31 December 2014 and 2015: 2014 2015 USD USD Land 2,000 2,000 Cars 1,000 – Payables 500 2,000 Receivables 2,000 2,000 Cash 500 – Closing inventory – 6,000 Accrued expenses – 1,000 During the period the trader made drawings of USD700.What was the change in the above trader’s investment (in net assets) between 2014 and 2015?
A USD2,000 B USD2,700 C USD3,000 D USD4,000
7 .Which of the following is the correct double entry for goods taken by a sole trader for personal use?
A Dr Drawings; Cr Purchases B Dr Drawings; Cr Sales C Dr Drawings; Cr Inventory D Dr Purchases; Cr Drawings
8 .At the end of the year when ledger accounts have been closed, which one of the following may have a credit balance?
A Sales revenue account B Bank account C Inventory account D Profit or loss account
9 .Which of the following is the correct double entry for making a credit sale?
A Dr Cash; Cr Sales B Dr Sales; Cr Trade receivables C Dr Trade receivables; Cr Sales D Dr Cash; Cr Trade receivables
10 .A purchase has been recorded on the receipt of goods obtained on credit terms.Which of the following is the correct double entry to record the subsequent return to the supplier of these goods?
A Dr Trade payables; Cr Purchases B Dr Trade payables; Cr Sales returns C Dr Cash; Cr Trade payables D Dr Purchases; Cr Trade receivables
