Welwyn buys and sells a single product. The following is an extract from its statement of financial position at 31 December 20X7: 20X7 20X6 USD USDInventories 50 40Trade receivables 16 24Sales and purchases during 20X7 were USD200,000 and USD120,000 respectively. 20% of sales were for cash.What were the average receivables collection period and gross profit percentage for the year ended 31 December 20X7?
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1 .An entity that fixes prices by adding 50% to cost actually achieved a mark-up of 45%.Which of the following factors could account for the shortfall?
A Sales were lower than expected B Opening inventories had been overstated C Closing inventories were higher than opening inventories D Purchases were higher than expected
2 .Which of the following factors could cause a company’s gross profit percentage on sales to fall below the expected level?
A Overstatement of closing inventories B The incorrect inclusion in purchases of invoices relating to goods supplied in the following period C The inclusion in sales of the proceeds of sale of non-current assets D Trade discounts offered to customers were lower than expected
3 .Which of the following are true of trend analysis?(1) It uses changes in monetary amount and percentage terms to identify patterns.(2) It concentrates on the relative size of current assets.(3) It examines changes over time.(4) It examines the relationships of percentage changes to each other.
A 1 and 3 only B 1 and 4 only C 2 and 3 only D 2 and 4 only
4 .Gormenghast’s current ratio has been calculated as 1.2. However, it has now been discovered that closing inventory has been understated by USD24,000 and opening inventory has been overstated by USD24,000.How did these misstatements affect the calculations of Gormenghast’s current ratio and inventory days?
A Current ratio:Too high ; Inventory days:Too high B Current ratio:Too high ; Inventory days:Too low C Current ratio:Too low ; Inventory days:Too high D Current ratio:Too low ; Inventory days:Too low
5 .The following are extracts from the financial statements of Lamas for the year ended 31 December 20X2.What is the return on capital employed at the end of the year?
A 22.5% B 19.9% C 16.9% D 16.6%
7 .Marple has a current ratio of 2:1.Which of the following transactions will cause the current ratio to decrease?
A Receives cash in respect of a long-term loan B Receives cash in respect of a short-term loan C Pays an existing creditor D Writes off an existing trade receivable against the allowance for irrecoverable debts
8 .IAS 7 Statement of Cash Flows sets out the three main headings to be used in a statement of cash flows. Items that may appear on a statement of cash flows include:(1) Tax paid(2) Purchase of investments(3) Loss on disposal of machinery(4) Purchase of equipmentWhich of the above items would be included under the heading “Cash flows from operating activities” according to IAS 7?
A 1 and 2 only B 1 and 3 only C 2 and 4 only D 3 and 4 only
9 .Which ONE of the following would be shown in a statement of cash flow using the direct method but not in a statement of cash flow using the indirect method of calculating cash generated from operations?
A Cash payments to employees B Increase/(decrease) in receivables C Depreciation D Finance costs
10 .Which of the following criticisms of this extract are correct?(1) Depreciation charges should have been added, not deducted.(2) Decrease in inventories should have been deducted, not added.(3) Increase in receivables should have been added, not deducted.(4) Increase in payables should have been added, not deducted.
A 1 and 3 only B 1 and 4 only C 2 and 3 only D 2 and 4 only
