Financial Accounting Studyguide_在线真题试卷与模拟练习_Financial Accounting Studyguide

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Which financial statements provide information on financial performance?

Which financial statements provide information on financial position?

In June, a company makes cash sales of $$20 000 and credit sales of $$50 000 (all to be collected in July). It pays wages of $$15 000 and owes $$6000 for June expenses (to be paid in July). What is the profit using cash accounting?

For each of the following items state whether they are assets (A), liabilities (L), shareholders' equity (SE) or not listed in the balance sheet:

a. accounts receivable

b. accounts payable

c. inventory

d. share capital

e. cash flow from operations

f. borrowings.

If the balances of total assets and shareholders’ equity are $$200 000 and $$90 000, respectively, what is the balance of total liabilities?

Given the balances of assets $$500000, liabilities $$200000 and share capital $140000, what is the balance of retained profits?

If the opening balance in retained profits is $$300 000, net profit after tax is $$90 000 and dividends declared and paid is $70 000, what is the balance of retained profits at year-end?

Which of the following may be an asset of a business?

Which of the following is not an asset?

Which of the following is not a liability of an organisation?

Which of the following is not a liability?

Which of the following is not an asset?

The local pie shop made credit sales of $$300 000 during 2018. Of this, $$280 000 was collected at year-end. It pays $$110 000 in expenses and owes $$25 000 for electricity used during 2018. Accrual profit is:

At the end of its accounting period, the Kimberley Gold Company had $$15000 in shareholders’equity and amounts owed to creditors totalling $$11 000. The total assets in the company were:

Which of the following does not appear in a cash flow statement?

Share capital 100 000

Equipment 150 000

Inventory 30 000

Accounts receivable 20 000

Accounts payable 30 000

Retained profits 80 000

Cash 10 000

What is the balance of total assets?

Share capital 100 000

Equipment 150 000

Inventory 30 000

Accounts receivable 20 000

Accounts payable 30 000

Retained profits 80 000

Cash 10 000

What is the balance of shareholders’ equity?

Share capital 100 000

Equipment 150 000

Inventory 30 000

Accounts receivable 20 000

Accounts payable 30 000

Retained profits 80 000

Cash 10 000

Assume that no dividends were declared during the year. If the balance of retained profits at the start of the year was $$50 000, what was the profit for the year?

During 2018 a company makes cash sales of $$300 000. It pays $$100 000 in expenses and owes $$30 000 for services it received in 2018 but payable in 2019. It pays $$50 000 in dividends. What is the profit for 2018?

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