The financial position of a business is reflected in its:
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The statement of financial position may be represented by the equation:
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The correct calculation of cost of sales requires the deduction of:
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The accruals concept requires the income statement to be prepared on the assumption that:
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If gross profit is £22,500 and the cost of sales is £52,500, sales revenue is:
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f sales revenue is £600,540 and opening inventory is £20,025 and purchases are £475,505 and closing inventory is £25,150, then gross profit is:
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If opening inventory is £24,025 and purchases are £525,675 and closing inventory is £45,280, then cost of sales is:
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If gross profit is £60,000 and other income is £365 and expenses are £45,150, then operating profit
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During the year a business purchases 300 items at £6 each, sells 260 of them for £10 each and has 10 items stolen. The value of the closing inventory is:
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Using the accounting equation, if current assets are £200,300 and non-current assets are £1,235,345 and liabilities are £334,297, then equity is:
