CSEC Principles of Accounts Test #2

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CSEC Principles of Accounts

The preparation and analysis of financial statements

This test is of 45 minutes duration.

Please fill in your full name and e-mail address
before proceeding to the test.

1 / 10

1. Motor Vehicles are listed as a

2 / 10

2. Creditors or Accounts Payable are listed as a

3 / 10

3. Short-term investments are listed as a

4 / 10

4. Bank overdraft is listed as a

5 / 10

5. Inventory is listed as a

6 / 10

Items 6-8 refer to the following Income Statement.

Jonny Bake
Income Statement
for the year ended December 2017

Sales60 000
I(2 500)
Net Sales57 000
4 000
Purchases38 000
Less: Returns OutwardsII
III
Cost of Goods Available for Sale37 500
Less: Closing Inventory(2 500)
(35 000)
Gross ProfitIV
Less: Total Expenses(10 500)
Net IncomeV

6. I represents which item in the above Income Statement?

 

7 / 10

7. The value of II is

8 / 10

8. The value of V is

9 / 10

9. Which equation represents Gross Profit?

10 / 10

10. Which equation represents Net Income?

Your score is