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2. The following information relates to Sunset Crisp Limited in the year ended 30 November 2018. Sales: £28,050, Opening Inventory: £10,200, Purchases: £25,090, Gross Profit: £10,000. What is the Closing Inventory figure for the business?

  • £27,420
  • None of the above
  • £17,240
  • £12,850

3. Current Assets include

  • Inventory, Payables and Prepayments
  • Inventory, Receivables and Prepayments
  • Inventory, Receivables and Accruals
  • Inventory, Payables anf Accruals

4. Which of the following are sources of funds for business organisations? 1. Retained Profits, 2. Stock Exchange, 3. Bank Loan, 4. Debentures

  • 1,2,3,4
  • 1 and 3 only
  • 1,3, and 4 only
  • 2,3 and 4 only

5. Depreciation is:

  • The amount of money required to replace the asset.
  • The useful life of the asset.
  • The charge to spread the cost of the asset over estimated useful. life.
  • The Net Book Value of an asset.
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