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Accounts - Principles of Accounts Past Questions

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Use the following information to answer this question
                                                 Le
Sales for the year                 450,000
Purchases for the year         230,000
Opening stock                        60,000
Closing stock                          40,000

2901

The stock turnover period is

  • A. 88 days
  • B. 73 days
  • C. 58 days
  • D. 41 days
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2902

The mark-up is

  • A. 88%
  • B. 80%
  • C. 44.44%
  • D. 26.67%
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2903

Company as a legal entity means that it

  • A. must always have a company lawyer
  • B. can sue and be sued
  • C. must settle disputes among shareholders in court
  • D. should prepare accounts approved by a lawyer
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2904

The type of stock recorded in the trading account of a manufacturing business is

  • A. raw material
  • B. work-in progress
  • C. consumables
  • D. finished goods
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2905

Accounts of fixed assets are kept in the

  • A. purchases ledger
  • B. private ledger
  • C. sales ledger
  • D. general ledger
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