just answers without explanation

just answers

6:06 PM @9%D ..11 3 4G X Revision test 2.docx 1) A prepaid expense is an example of: A current liability. An item of capital. An item of profit. A current asset. 2. Which one of the following is not a current asset? Prepaid expenses Trade payables Cash in hand Inventory 3) Which one of the following is a feature of limited companies? b) c) d) Legal entity Unlimited liability Limited life Single ownership Hugo, who is in business on his own account, is preparing his first set of accounts for the year ending 31 December 2014. He received a bill in October 2014 for 12 months rent, covering the period 1 October 2014 to 30 September 2015. The bill, which was paid immediately, was for 1,200. In the accounts for the year ending 31" December 2014 an adjustment should be made for: a) An accrual of 500. A prepayment of 1,200. c) An accrual of 700. A prepayment of 900. s, With respect to the following information: Open With Print ..11 3 4G 6:06 PM @9%D Revision test 2.docx s With respect to the following information Credit sales 2,500 Credit purchases 1,250 Cost of sales 500 Average inventories 75 Average trade receivables 125 Average trade payables 250 Average inventories turnover period is (to the nearest day): 25 days b) 35 days 145 days ..55 days LIFO charges the cost of sales on the basis of: The last inventory out will be the first in The first inventory out will be the first in <. the last inventory in will be first out withdrawal from equity will: increase profit. charged income statement reduce closing capital. both and of financial position x current liabilities are that normally discharged: within a month. months. less than open with print ..11 pm revision test according to following information credit sales purchases cost average inventories trade receivables payables gross profit margin is: when drawing up cash flow using indirect method which would recorded as decrease flows non-current assets . none other answers one is type share capital or bonds b loan stock preference shares bank overdraft two main forms limited companies are: public private governmental non-governmental sole proprietorship charities listed an accountant extracts figures firm books account: sales: purchases: inventory: opening ..105 types ordinary loans not expense statement: wages rates depreciation items asset property by fixture fittings motor vans reporting statements b. weighted reducing balance part can paid shareholders reserves revenue disposable key features they have unlimited liability their performance usually better business classification past present trading payable receivable calculate charge for factors should considered useful life bresidual value fair>