Published Accounts

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Published Accounts

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

Q1. Directors Fees and Auditors Fees are examples of... *

10 points

Other Operating Income

Distribution Costs

Administration Expenses

Cost of Sales

Q2. Which of the following is NEVER included in 'Cost of Sales' *

10 points

Purchases

Turnover

Stock

Patent Amortisation

Q3. Patents are an example of... *

10 points

A Financial Fixed Asset

A Tangible Fixed Asset

An Intangible Fixed Asset

A Current Asset

Q4. 'Other Creditors' might include... *

10 points

Debenture Interest Due

Dividends Paid

Investment Income Due

Discount

Q5. Which of the following are subtracted AFTER Operating Profit in the Profit & Loss Account? *

10 points

Depreciation

Discount

Rental Income

Taxation

Q6. Patent Royalties (Credit Balance in the Trial Balance) are... *

10 points

Income

Fixed Asset

Current Asset

Liability

Q7. "Stock is valued at the lower of cost and net realisable value". This is an example of... *

10 points

Going Concern

Accrual

Prudence

Revenue

Q8. A 'qualified' Auditor's report means that... *

10 points

There is concern that the accounts may not have complied with all accounting requirements

The Auditor is happy that the accounts have complied with all legal requirements

The Auditor has made changes to the accounts himself/herself

The Auditor has not yet assessed the accounts

Q9. A VAT balance on the debit side of the Trial Balance is... *

10 points

An Income

An Expenditure

An Asset

A Liability

Q10. The Trial Balance shows a current Patents figure of €24,000. The patent was acquired on the 1/1/2020 and is being written off over 6 years in equal amounts. If it is the 31/12/2022, what will the Patents Write-Off figure for this year be? *

10 points

€4,000

€6,000

€8,000

€10,000

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