SCI (BKJ)

SCI (BKJ)

Professional Development

8 Qs

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SCI (BKJ)

SCI (BKJ)

Assessment

Quiz

Professional Development

Professional Development

Practice Problem

Hard

Created by

Clement Clement

Used 1+ times

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following equations are correct about the second segment of the Statement of Comprehensive Income?

Net Profit = Gross Profit - Other Income + Operating Expenses

Net Profit = Gross Profit - Other Income - Operating Expenses

Net Loss = Gross Profit + Other Income - Operating Expenses

Net Loss = Gross Profit - Other Income + Operating Expenses

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

What operating expenses does the Statement of Comprehensive Income include?

General and Administrative Expenses

Other Expenses

Financial Expenses

Selling and Distribution Expenses

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

You sold 100 units of sofa at $1,000 each to a customer. You issued a 2% sales discount to the customer. Each sofa costs you $400 to make. What are the amounts of the Sales, Cost of Goods Sold and Gross Profit?

Sales: $100,000

Cost of Goods Sold: $40,000

Gross Profit: $60,000

Sales: $100,000

Cost of Goods Sold: $39,200

Gross Profit: $60,800

Sales: 98,000

Cost of Goods Sold: 40,000
Gross Profit: 58,000

4.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which items are related to Selling and Distribution Expenses?

Depreciation - Delivery Vehicles

Repairs & Maintenance

Entertainment Expenses

Utilities

5.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which items are related to Financial Expenses?

Finance Department's Salary

Interest on Loan

Building Insurance

Legal fees on loan application

6.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which items are related to General and Administrative Expenses?

Utilities

Salaries and Wages

Miscellaneous Expenses

Bank Charges

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the equation for Cost of Goods Sold (Cost of Sales)?

Cost of Goods Sold (Cost of Sales) =

Opening Inventory - Total Purchases + Closing Inventory

Opening Inventory + Total Purchases - Closing Inventory

Closing Inventory - Opening Inventory - Total Purchases

Closing Inventory - Opening Inventory + Total Purchases

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of the Statement of Comprehensive Income?

To predict future financial performance

To outline the company's organisational structure

To provide a summary of a company's financial performance over a specific period

To summarise the company's marketing strategies