Level 3 Advanced Bookkeeping Formulas
- Created by: izzyanderson123
- Created on: 02-06-19 10:59
Other questions in this quiz
2. What is the accounting formula?
- Assets - liabilities = equity + profit
- Sales + expenses = capital + profit
- Equity - profit = sales + expenses
- Liabilities + equity = profit / assets
3. What is the formula for profit?
- Dividends - expenses - sales = profit
- Income - expenses = profit
- Sales - expenses - assets = profit
- Income + expenses = profit
4. What is the formula for net worth?
- Equity + profit = net worth
- Equity + expenses = net worth
- Expenses - profit + liabilities = net worth
- Depreciation expenses - profit = net worth
5. How do you know if you have a profit on disposal?
- Proceeds > net book value
- Net book value x proceeds
- Output VAT > input VAT
- Proceeds< net book value
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