Question 1

Match the following accounting items correctly. 

A business has the following items in it:

What is the value of Owner's Equity?

What is the appropriate management action for a business with long-term surplus of cash?

Francesca Brown has recently opened The Sandal Shop in Melbourne Australia, a store that specialises in fashionable sandals. She hopes to tap into overseas market someday. As a first step the following information was gathered:

Francesca has decided that she must earn a profit of $18 000 in the first year to justify her time and effort. How many pairs of sandals must be sold to attain this target profit?

Ways in which budgets can assist in decision making are:

Accounts Payable is classified as a/an ___________ in the _____________.

From the data for Lee Enterprises, calculate the estimated cash received from credit sales for June. Credit sales for April-June are shown in the image below :-

Credit sales are normally settled in the pattern: 60% in the month of sale and 40% in the month following the sale.

Apogee Industries only makes sales on credit. They expect credit sales as follows:

It is expected that 80% of the sales will be collected in the month of sale, and 20% will be collected in the following month. Compute the cash collections from customers for the month of February.

Which of the following is true about a budget..