Calculating Stock on Date of Fire and Insurance Claim Amount

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Business
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10th Grade - University
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Hard
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary goal when calculating stock on the date of fire?
To find out the physical stock lost in the fire
To determine the market value of the stock
To assess the insurance policy value
To calculate the profit margin
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why should stock be valued at cost for insurance claims?
Because the cost represents the actual loss
To maximize the claim amount
To comply with tax regulations
Because market value is irrelevant
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When stock records are available, what should be added to the book stock on the date of fire?
Goods in transit
Goods returned by customers
Goods received but not included in purchases
Goods sold but not delivered
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should be done with goods sent on approval that are not yet sold?
Include them in the closing stock
Ignore them in calculations
Exclude them from the closing stock
Value them at market price
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of preparing a memorandum trading account?
To calculate the net profit
To determine the market value of assets
To find the stock on the date of fire
To prepare financial statements
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the balancing figure in a memorandum trading account?
Total sales
Stock on the date of fire
Gross profit
Net profit
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the gross profit ratio typically calculated?
Gross profit divided by net sales
Net purchases divided by gross profit
Net sales divided by gross profit
Gross profit divided by net purchases
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