Fundamental Of Financial Accounting Mcqs Book Pdf

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9 Which of the following best describes the meaning of ‘Purchases’? Goods bought on credit Goods paid for Goods bought for resale Items bought 10 Which of the following should not be called ‘Sales’? Goods sold for cash Sale of item previously included in ‘Purchases’ Office fixtures sold Goods sold on credit 11 Of the following, which are correct? (iii) and (iv) only (ii) and (iv) only (i) and (ii) only (i) and (iii) only 12 Which of the following are incorrect? (ii) and (iv) only (iv) only (iii) only (i) and (iii) only 13 Given the following, what is the amount of Capital? Assets: Premises £20,000; Stock £8,500; Cash £100. Liabilities: Creditors £3,000; Loan from A Adams £4,000 £21,100 £21,400.