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Q1. Directors Fees and Auditors Fees are examples of...
Other Operating Income
Cost of Sales
Q2. Which of the following is NEVER included in 'Cost of Sales'
Q3. Patents are an example of...
A Financial Fixed Asset
A Tangible Fixed Asset
An Intangible Fixed Asset
A Current Asset
Q4. 'Other Creditors' might include...
Debenture Interest Due
Investment Income Due
Q5. Which of the following are subtracted AFTER Operating Profit in the Profit & Loss Account?
Q6. Patent Royalties (Credit Balance in the Trial Balance) are...
Q7. "Stock is valued at the lower of cost and net realisable value". This is an example of...
Q8. A 'qualified' Auditor's report means that...
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...
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?
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