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Fundamentals of Financial Accounting

Last Update Nov 24, 2022
Total Questions : 393

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Fundamentals of Financial Accounting Questions and Answers

Questions 1

Refer to the Exhibit.

An extract of information from K's book of accounts revealed that:

Cash received during the year is

Options:

Questions 2

Company X wants to find the total of all the transactions from its sales account. Where should Company Xlook?

Options:

A.

Sales control account

B.

Sales ledger

C.

Memorandum account

Questions 3

ABC Limited had a gross profit margin of 55%, while a direct competitor, XYZ Limited, has a gross profit margin of 60%.

Which THREE of the following would be an acceptable explanation for this?

Options:

A.

ABC Limited has a higher selling price than XYZ Limited

B.

ABC Limited has a lower selling price than XYZ Limited

C.

ABC Limited has better control of its production costs than XYZ Limited

D.

XYZ Limited has better control of its production costs than ABC Limited

E.

ABC Limited has a lower profit mark-up than XYZ Limited

F.

ABC Limited has a higher profit mark-up than XYZ Limited