Other questions in this quiz

2. How do you know if you have a loss on disposal?

  • Proceeds < net book value
  • Proceeds < depreciation
  • Net book value x expenses
  • Input VAT > output VAT

3. 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

4. What is the formula for net book value?

  • Cost - depreciation charged to date
  • Depreciation - cost
  • Expenses x net book value - depreciation
  • Income x expenses

5. What is the formula for cost of sales?

  • Purchases x closing inventory
  • Closing inventory / opening inventory
  • Opening inventory + purchases - closing inventory
  • Opening inventory - closing inventory

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