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Senji does not keep proper accounting records, and it is necessary to calculate her total purchases for the year ended 31

January 20X3 from the following information:

$

Trade payables: 31 January 20X2 130,400

31 January 20X3 171,250

Payment to suppliers 888,400

Cost of goods taken from inventory by Senji for her personal use 1,000

Refunds received from suppliers 2,400

Discounts received 11,200

What is the figure for purchases that should be included in Senji’s financial statements?

A

$914,650

B

$937,050

C

$939,050

D

$941,850

Chapter17Incompleterecords

$ $

Payments to suppliers 888,400 Opening balance 130,400

Discounts received 11,200 Goods taken 1,000

Closing balance 171,250 Refunds received 2,400

Purchases (bal fig) 937,050

1,070,850

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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