Revision 3
Attempt the ten questions below and then click 'Submit'.

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Q1. A cheque for €640 issued to a supplier had been entered in the books (cash book and ledger) as €460. How does this effect our Bank figure? *
10 points
Q2. January sales are €80,000 and February sales are €90,000. Gross profit is 25% of sales. Purchases should be sufficient to cover the following months sales.  What is the purchases figure for January? *
10 points
Q3. The price of a share is 90c. Dividend Per Share is 15c and Earnings Per Share are 10c. How long would it take one ordinary share to recover it's value based on present performance? *
10 points
Q4. We paid rent of €900 this year and there is €300 rent due at the end of the year.  One third of rent is for the private section of the Business.  What figure should appear for rent in the Profit & Loss Expenses? *
10 points
Q5. Margin of Safety is… *
10 points
Q6. In a production budget, to calculate the total Cost of Production, we add Raw Materials, Variable Overheads, Fixed Overheads, and what else? *
10 points
Q7. Clients fees for 2014 were €12,000.  Clients fees in arrears at the end of the year were €2,000.  What figure should appear for Clients Fees in this year's Trading & Profit & Loss Account? *
10 points
Q8. A creditor, who was owed €800 by us, accepted equipment (which cost €600), in full settlement of the debt.  Which three parts of the tabular statement would be effected? *
10 points
Q9. The Profit & Loss Balance on January 1st is on the Credit (right-hand) side of the Trial Balance.  When we complete our Profit & Loss Account for the year therefore, what should we do with this figure? *
10 points
Q10. Bar Receipts this year were €22,000.  Bar Debtors on January 1st were €400 and Bar Debtors on December 31st were €600.  What is the figure for Bar Sales this year? *
10 points
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