Profit expressed in relation to cost of goods sold is

• A. turnover
• B. cost price
• C. margin
• D. mark -up

Creditors use accounting information for the purpose of

• A) planning sales to a company
• B) controlling a company's affairs
• C) investing in a company
• D) assessing a company's liquidity

Given:

Total debtors b/d 31/12/99...............N25 000

Cheques received from debtors ...........N255 000

Total debtors c/d 31/12/00...............N15 000

• A. N295 000
• B. N265 000
• C. N245 000
• D. N215 000

Use the information below to answer question

Net loss.......................N2300

Capital........................N10500

Liabilities....................N7200

Find the value of the total assets?

• A. N17 700
• B. N10 500
• C. N20 000
• D. N15 400

The following appears in trading account except

• A. sales
• B. carriage outward
• C. carriage inward
• D. opening stock

Which of the following statements are correct? (1) A statement of cash flows prepared using the direct method produces a different figure for operating cash flow from that produced if the indirect method is used. (2) Rights issues do not feature in statements of cash flows. (3) A surplus on revaluation of a non-current asset will not appear as an item in a statement of cash flows. (4) A profit on sale of a non-current asset will appear as an item under cash flows from investing activities in a statement of cash flows.

• A) 1 and 4
• B) 2 and 3
• C) 3 only
• D) 2 and 4

Stock or raw materials(1st January) 3000

Direct wages 2500

Direct expenses 1000

Factory overheads 2000

Cost of raw materials used 5500

Stock of finished goods (31st December) 2000

The cost of goods manufactured is?

• A. N11000
• B. N12000
• C. N14000
• D. N9000

Purchasers - #44,880 Sales - #85,850 Trade creditors - #12,250 Trade debtors - #24,000 Accrued expenses - # 350 Prepaid expenses - # 700 Stock 1/1/2006 - #25,120 Stock 31/12/2006 - #27,840 Calculate the acid test ratio

• A. 1:94:1
• B. 1:96:1
• C. 1:1:94
• D. 1:1:96

Which of the following items is a capital expenditure?

• A. Maintenance of office machine
• B. Purchase of office stationery
• C. Carriage inwards
• D. Purchase of office machinery

Which of the following items is found in the profit and loss account of a company?

• A. Proposed dividends
• B. Transfer to general reserves
• C. Director's remuneration
• D. Proceeds from issue of shares