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Q1. The Profit & Loss Balance at the end of this year was €120,000. The Profit & Loss Balance at the end of last year was €80,000. What was the Retained Profit this year?
A Profit of €40,000
A Loss of €40,000
A Profit of €80,000
A Loss of €80,000
Q2. On 1/1 our 5% Debentures (Loan) figure was €84,000. On 1/6, we received a further €24,000 in 5% Debentures. What is our Interest bill for the year?
Q3. We are told that Fixed Assets which originally cost €30,000 were sold during the year. What is the value of the Fixed Assets that we purchased during the year?
Q4. The Taxation charge for this year was €27,000. How much Taxation did we actually pay during the year?
Q5. Fixed Assets which cost €45,000 and on which total Depreciation of €14,000 had been provided, were sold during the year for €33,000. We therefore made a...
Loss on the sale of €12,000
Profit on the sale of €12,000
Loss on the sale of €2,000
Profit on the sale of €2,000
Q6. On 1/1, the Accumulated Depreciation on the Fixed Asset sold from Q5 was €21,000. What will the Accumulated Depreciation figure be on 31/12?
Q7. Which of the following would NOT change our 'Net Cash Inflow from Operating Activities'?
Decrease in Stock
Purchase of Equipment
Increase in Creditors
Depreciation on Vehicles
Q8. Our Bad Debt Provision on 1/1 was €3,200. During the year, we increased our Bad Debt Provision estimate by €300. Our Bad Debt Provision on 31/12 will be...
Q9. 'Net Debt' is...
(Bank Overdraft + Government Securities) - (Cash or Bank + Debentures)
(Debentures + Government Securities) - (Bank Overdraft + Cash)
(Cash or Bank + Government Securities) - (Bank Overdraft + Debentures)
(Cash or Bank + Debentures) - (Bank Overdraft + Government Securities)
Q10. Which of the following would change our Cash Flow but NOT our Profit?
Sale of Shares
Payment of Expenses
Investment Income Received
Carriage In Paid
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