2. Which of the Following is an expense.
Closing Stock
Telephone
Sales
Purchases

3. Which of the Following is not a Gain.
Commission Recieved
Rent Recieved
Rent Paid
Interest Received

4. Which of the following is found in your trading account.
Sales Returns
Expenses
Net Profit
Gains

5. How do you calculate Gross Profit.
Sales – Sales Returns
Purchases - Expenses
Gains - Expenses
Sales – Cost of Sales

6. Which of the following is the Opening Stock for the company.
28,000 01/01/2011
10, /12/2011
40,000 01/06/2011
/09/2011

7. A tax on goods being imported from outside the country Is called.
V.A.T
Import Duty
Corporation Tax
Type Answer

8. How do you calculate Net Profit.
Gross Profit - Expenses
Gross Profit - Sales
Sales – Opening Stock
Purchases – Purchases Returns

9. What is Stoctaking.
Taking Stock
Burning Stock
Counting Stock
Destroying Stock

10. What is discount allowed .
Buyer gets a discount
No one gets a discount
Seller gets a discount
The Business gets a discount

11. Which of the following do you not need to calculate the Net Profit.
Gross Profit
Rent Recieved
Dividends
Bad Debts

12. Where is Revenue Expenditure Included
Trading Account
Balance Sheet
Profit and Loss Account
Cost of Sales

13. Type your question here.
Type Answer
Type Answer
Type Answer
Type Answer

14. Which of the Following is Current Expenditure
Machinery
Rent
Premises
Opening Stok

15. What do you need to find Gross Profit Mark up.
Cost of Sales
Sales
Net Profit
Expenses

16. Which of the following is not found in Cost of Sales.
Carriage Out
Carriage In
Import Duty
Purchases Returns