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ACC1001 - ACF1001 - Accounting fundamentals - S1 2025

ACC1001 - ACF1001 - Accounting fundamentals - S1 2025

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Other factors remains constant, what is the effect on the entity’s profit when the allowance for doubtful debts is increased?

No effect on profit

Profit decreases

Profit may increase or decrease depending on the method choosen.

Profit increases

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Which of the following statements about gross profit is not true?

An entity cannot be sustainable unless the gross profit is positive.

Gross profit is equal to sales less cost of sales.

Gross profit is applicable to manufacturing and retail businesses.

Gross profit is equal to total income minus total expenses.

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Yellow Consultants provides services to clients and typically invoices them after the work is completed. Under accrual accounting, when should Yellow recognize revenue for work that has been performed but not yet invoiced?

At the end of the financial year

When the services have been performed

When the invoice is sent to the client

When the cash is received from the client

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Which of the following represents the difference between revenue and cost of goods sold?

Operating expenses

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Blue Manufacturing purchased a new piece of equipment on credit. How would this transaction affect the company's income statement in the current period?

It would decrease net income

It would have no immediate effect

It would increase revenue

It would increase expenses

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A statement of changes in equity shows:

Beginning capital + capital contribution + profit – drawings = closing capital.

Beginning capital + capital contribution – profit – drawings = closing capital.

beginning capital – capital contribution + profit – drawings = closing capital

Beginning capital + capital contribution + profit + drawings = closing capital.

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Which of the following statement is correct?

Income is recognised when the economic benefits are certain and can be reliably measured.

Income is only recognised when cash is received.

Profit is the excess in cash inflows from income over the cash outflows from expenses.

Whether a transaction is made with cash or credit has no effect on the profit of an entity.

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Which of the following statement is true?

The preparation of an income statement is still required for a not-for-profit organisation

An income statement represents the financial position of a business at the end of the year

If expenses exceed incomes, a business reports a profit

Income statements are always prepared based on the cash approach to accounting

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ABC Accounting is a small business offering accounting services to their clients, their gross profit will be calculated as revenue minus:

None of the above

Taxation expense.

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In a service business, revenue is considered earned:

When cash is received.

When the service is performed.

At the end of the month.

At the end of the year.

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