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AP1 Unit 7-8 MCQ: Final Accounts (SOCI)

1. What is the gross profit/loss of XYZ Holidings for the year ended 31 December 2013? Sales Revenue $57,550. Cost of Sales $54,380. Sales Returns $3,550.
($680)., ($380)., $3,170., $6,720.,
2. What is the effect of the owner%27s drawings on the Owner%27s Equity?
$2,330., $3,330., $16,830., $18,830.,
3. What is the effect of a loss for the year on the Owner%27s Equity?
Bank Loan., Cash Sales., Credit Sales., Commission Received.,
4. How should Sales Returns be adjusted in the Trading account portion of the Statement of Comprehensive Income?
Dividends., Discount Allowed., Wages and Salaries., Heating and Lighting.,
5. The purpose of the Statement of Comprehensive Income is to calculate:
Add to Sales., Deduct from Sales. active teaching , Add to Cost of Sales., Deduct from Cost of Sales.,
6. Which of the following should be considered when calculating gross profit?
The gross profit of the business., The amount of cash in the business., The amount due to the owner of the business., The profit or loss from all activities of the business.,
7. Which of the following is NOT a type of revenue?
Owner%27s Equity will increase., Owner%27s Equity will decrease., Owner%27s Equity will not be affected., None of the options.,
8. What is the Sales Returns amount of Fortunes Limited for the year ended 31 December 2015? Sales Revenue $65,580. Cost of Sales $55,000. Gross Profit $8,250.
Owner%27s Equity will increase., Owner%27s Equity will decrease., Owner%27s Equity will not be affected., None of the options.,
9. Which of the following is NOT a type of expense?
Owner%27s Equity will increase., Owner%27s Equity will decrease., Owner%27s Equity will not be affected., None of the options.,