Revision 2
Attempt the ten questions below and then click 'Submit'.

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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? *
10 points
Q2. What category of ratio is the Debt:Equity ratio? *
10 points
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? *
10 points
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? *
10 points
Q5. To calculate the cost of Raw Materials for this year, what should we multiply the KG of Raw Materials by? *
10 points
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)? *
10 points
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? *
10 points
Q8. In a Published Account Stock is normally valued on a ………………… basis? *
10 points
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? *
10 points
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? *
10 points
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