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Q1. Sales are €340,000 in January. 60% of sales revenue will be from credit customers. These debtors will pay their bills 40% in month after sale and the remainder in the second month. How much will we receive in March?
Q2. What category of ratio is the Debt:Equity ratio?
Q3. Murphy took stock to the value of €50 each week from his Business. What two effects will this have in our Incomplete Records question?
Decrease Drawings & Increase Purchases
Increase Drawings & Decrease Purchases
Increase Drawings & Decrease Stock
Decrease Drawings & Increase Stock
Q4. Apart from Sales Commission of 5% of Sales, the Selling & Admin Expenses are fixed. Sales are €220,000 and Selling & Admin Expenses (including the commission) are €45,000. What figure should we use as Selling & Admin Expenses?
Q5. To calculate the cost of Raw Materials for this year, what should we multiply the KG of Raw Materials by?
The Raw Materials price on Jan 1st
The expected Raw Materials price during the year
The cost of one item of the finished product
The Raw Materials price from last year
Q6. We repaid a €50,000 loan on April 1st, together with 15 months interest. The total we repaid on this day was €65,000. How much would we have owed if we had repaid the loan three months earlier (on January 1st)?
Q7. Goods previously sold for €600 were returned. The selling price of these goods was cost plus 20%. A credit note was issued showing a deduction of 5% of the selling price as a restocking charge. How will our Debtors figure change?
Reduce by €600
Increase by €600
Reduce by €570
Increase by €570
Q8. In a Published Account Stock is normally valued on a ………………… basis?
Q9. Our Receipts & Payments Account shows income received during the year from our 5% Investments of €1,200. If there is investment income due of €300 at the end of the year, how much does this mean our actual Investments are?
Q10. A private debt owed by the owner was offset against a Business debt owed to the firm. This was not entered in the books. Which two accounts need to be update?
Debtors & Drawings
Creditors & Drawings
Debtors & Capital
Creditors & Capital
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