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Q1. No record has been made in the books for goods in transit on 31/12. The invoice for these goods had been received showing the recommended retail selling price of €6,000 which is cost plus 25%. What will happen our Creditors figure?
Q2. A computer is purchased on April 1st for €2,000. Depreciation is 10% per annum. What depreciation figure appears in the cash budget for the period January 1st to June 30th?
Q3. Cost of Sales is €200,000. Opening Stock is €40,000. Stock Turnover is 4 times. What is the figure for Closing Stock?
Q4. What's the figure for Cash sales if: Total cash payments this year are €15,000 / Cash on January 1st was €1,000 / Cash drawings during the year were €250 per week / Cash on Decmber 31st is €4,000.
Q5. Fixed Costs are €12,000. Selling price is €12 per product and Variable Cost is €2 per product. If the company want to make a profit of €4 on each sale how many products do they have to sell?
Q6. Variable Overhead is €5 per labour hour. One 'Hyper' product takes 5 hours to make. We are producing 2,000 products this year. Opening Stock is 400 products. Closing Stock is 200 products. What's out total Variable Overhead?
Q7. Light & Heat paid this year was €1,000. Electricity Due on Jan 1st was €500. There is a stock of Heating Oil on Dec 31st worth €100. One quarter of the electricity used is for the family. What figure should appear for Electricity in the company accounts?
Q8. Authorised Share Capital is 500,000 €1 Shares. Issued Share Capital is 440,000 Shares. If we receive €80,000 from the issue of the remaining shares, what figure will be added to Share Capital?
Q9. If the Auditor is completely happy with the company accounts for the year, he/she will issue which statement?
A qualified report
A certificate of incorporation
An unqualified report
A cash budget
Q10. In Club Accounts, the answer at the end of the Income & Expenditure Account is called…
The accumulated fund
The net profit/loss
The surplus of income/expenditure
The capital employed
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