Your organisation sold goods to PQ Co for $800 less trade discount of 20% and ca-新东方在线职业题库

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Your organisation sold goods to PQ Co for $800 less trade discount of 20% and cash discount of 5% for payment within 14

days. The invoice was settled by cheque five days later Which one of the following gives the entries required to record

BOTH of these transactions?

DEBIT CREDIT

$ $

A

PQ Co 640

Sales 640

Bank 608

Discount allowed 32

PQ Co 640

B

PQ Co 640

Sales 640

Bank 600

Discount allowed 40

PQ Co 640

C

PQ Co 640

Sales 640

Bank 608

Discount received 32

PQ Co 640

D

PQ Co 800

Sales 800

Bank 608

Discount allowed 182

PQ Co 800

Chapter14Controlaccounts

Debit Credit $

Sales price 800

Less： 20%

trade discount 120

Sale PQ Co Sales 640

Cash discount 5% Discount allowed 32

Cash payment Bank 608

PQ Co 640

多做几道

Which of the following is a ratio which is used to measure how much a business owes in relation to its size?

A

Asset turnover

B

Profit margin

C

Gearing

D

Return on capital employed

A business operates on a gross profit margin of 331/3%. were $680. Gross profit on a sale was $800, and expenses

What is the net profit margin?

A

3.75%

B

5%

C

11.25%

D

22.67%

A company has the following details extracted from its statement of financial position：

$'000

Inventories 1,900

Receivables 1,000

Bank overdraft 100

Payables 1,000

The industry the company operates in has a current ratio norm of 1.8. Companies who manage liquidity well in this industry

have a current ratio lower than the norm.

Which of the following statements accurately describes the company’s liquidity position?

A

Liquidity appears to be well managed as the bank overdraft is relatively low

B

Liquidity appears to be poorly-controlled as shown by the large payables balance

C

Liquidity appears to be poorly-controlled as shown by the company’s relatively high current ratio

D

Liquidity appears to be poorly-controlled as shown by the existence of a bank

Why is analysis of financial statements carried out?

A

So that the analyst can determine a company’s accounting policies

B

So that the significance of financial statements can be better understood through comparisons

with historical performance and with other companies

C

To get back to the ‘real’ underlying figures, without the numbers being skewed by the

requirements of International Financial Reporting Standards

D

To produce a report that can replace the financial statements, so that the financial statements

no longer need to be looked at

Which of the following transactions would result in an increase in capital employed?

A

Selling inventory at a profit

B

Writing off a bad debt

C

Paying a payable in cash

D

Increasing the bank overdraft to purchase a non-current asset

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