ATT Accounting CBE - Chap 1-5 Prep
Exam Questions With Correct Solutions.
What does the balance sheet summarise - Answer the assets, liabilities and capital of the business
Fixed assets (plant and machinery & motor vehicles are found on what financial statement? - Answer
the balance sheet
Current assets (stock, debtors, cash) are found in what financial statement? - Answer the balance sheet
Creditors due in < 1 year (bank overdraft, trade creditors) are found in what financial statement? -
Answer the balance sheet
Proprietors funds is found in what financial statment - Answer the balance sheet
What is net profit? - Answer profit shown after ALL expenses have been deducted from sales
What can be found in the profit and loss account? - Answer Sales, cost of sales, opening stock, closing
stock, expenses like rent, wages, insurance, depreciation etc.
The balance sheet summarises... - Answer the assets, liabilities and capital of a business at a certain
date.
the profit and loss summarises... - Answer the income and expenditure which has arisen during a
trading period.
What does the accounting equation show? - Answer Net assets always = proprietors funds
What is the "accouting equation?" - Answer Assets - liabilities = capital + profits (-loses) - drawings
Exam Questions With Correct Solutions.
What does the balance sheet summarise - Answer the assets, liabilities and capital of the business
Fixed assets (plant and machinery & motor vehicles are found on what financial statement? - Answer
the balance sheet
Current assets (stock, debtors, cash) are found in what financial statement? - Answer the balance sheet
Creditors due in < 1 year (bank overdraft, trade creditors) are found in what financial statement? -
Answer the balance sheet
Proprietors funds is found in what financial statment - Answer the balance sheet
What is net profit? - Answer profit shown after ALL expenses have been deducted from sales
What can be found in the profit and loss account? - Answer Sales, cost of sales, opening stock, closing
stock, expenses like rent, wages, insurance, depreciation etc.
The balance sheet summarises... - Answer the assets, liabilities and capital of a business at a certain
date.
the profit and loss summarises... - Answer the income and expenditure which has arisen during a
trading period.
What does the accounting equation show? - Answer Net assets always = proprietors funds
What is the "accouting equation?" - Answer Assets - liabilities = capital + profits (-loses) - drawings
