Question 1

Profit is a measure of performance.

Accepted Answer

A) True 
 B)False  True

Question 2

Eva has identified what she owns and preovded costs and estimates at the start and end of the year as set out below.
 
 Eva's wealth measured in terms of net realisable value at the end of the period is:

Accepted Answer

A)  £182000 
B)  £181 200 
C)  £200 400 
D)  £170 800 
E)  £186 900 
A)  £182000 
B)  £181 200 
C)  £200 400 
D)  £170 800 
E)  £186 900 E

Question 3

Eva has identified what she owns and preovded costs and estimates at the start and end of the year as set out below.
 
 Eva's wealth measured in terms of historic cost at the start of the period is:

Accepted Answer

A)  £182000 
B)  £181 200 
C)  £200 400 
D)  £170 800 
E)  £186 900 
A)  £182000 
B)  £181 200 
C)  £200 400 
D)  £170 800 
E)  £186 900 A

Question 4

Eva has identified what she owns and preovded costs and estimates at the start and end of the year as set out below.
 
 Eva's wealth measured in terms of net realisable value at the start of the period is:

Accepted Answer

A)  £182000 
B)  £181 200 
C)  £200 400 
D)  £170 800 
E)  £186 900 
A)  £182000 
B)  £181 200 
C)  £200 400 
D)  £170 800 
E)  £186 900

Question 5

Wealth is a dynamic measure taken over a period of time.

Accepted Answer

A) True 
 B)False

Question 6

Net realisable value should never be used as the primary measure as it is uncertain.

Accepted Answer

A) True 
 B)False

Question 7

There is no connection between the measurement of income and wealth.

Accepted Answer

A) True 
 B)False

Question 8

Eva has identified what she owns and preovded costs and estimates at the start and end of the year as set out below.
 
Eva's wealth measured in terms of historic cost at the end of the period is:

Accepted Answer

A)  £182000 
B)  £181 200 
C)  £200 400 
D)  £170 800 
E)  £186 900 
A)  £182000 
B)  £181 200 
C)  £200 400 
D)  £170 800 
E)  £186 900

Question 9

Accounting always allows or changes in taste and technology.

Accepted Answer

A) True 
 B)False

Question 10

Eva has identified what she owns and preovded costs and estimates at the start and end of the year as set out below.
 
Eva's wealth measured in terms of replacement cost at the start of the period is:

Accepted Answer

A)  £182000 
B)  £181 200 
C)  £200 400 
D)  £170 800 
E)  £186 900 
A)  £182000 
B)  £181 200 
C)  £200 400 
D)  £170 800 
E)  £186 900

Question 11

Income can be derived from wealth.

Accepted Answer

A) True 
 B)False

Question 12

Cost is easy to ascertain.

Accepted Answer

A) True 
 B)False

Question 13

Eva has identified what she owns and preovded costs and estimates at the start and end of the year as set out below.
 
The difference between the historic costs of the clothes at the start and end of the period  is because:

Accepted Answer

A)  £182000 
B)  £181 200 
C)  £200 400 
D)  £170 800 
E)  £186 900 
A)  £182000 
B)  £181 200 
C)  £200 400 
D)  £170 800 
E)  £186 900

Question 14

Written down cost describes the act of recording the cost.

Accepted Answer

A) True 
 B)False

Question 15

Inflation is irrelevant to accounting.

Accepted Answer

A) True 
 B)False

Question 16

Wealth can be derived from income.

Accepted Answer

A) True 
 B)False

Question 17

Eva has identified what she owns and preovded costs and estimates at the start and end of the year as set out below.
 
The difference between the historic costs of the clothes at the start and end of the period  is because:

Accepted Answer

A)  Historically the costs of clothes have always gone up 
B)  Buying that wardrobe of clothes would cost more at the end of the year than they did at the start 
C)  Eva has bought some more clothes during the year 
A)  Historically the costs of clothes have always gone up 
B)  Buying that wardrobe of clothes would cost more at the end of the year than they did at the start 
C)  Eva has bought some more clothes during the year

Profit is a measure of performance.

Eva has identified what she owns and preovded costs and estimates at the start and end of the year as set out below. Eva's wealth measured in terms of net realisable value at the end of the period is:

Eva has identified what she owns and preovded costs and estimates at the start and end of the year as set out below. Eva's wealth measured in terms of historic cost at the start of the period is:

Eva has identified what she owns and preovded costs and estimates at the start and end of the year as set out below. Eva's wealth measured in terms of net realisable value at the start of the period is:

Wealth is a dynamic measure taken over a period of time.

Net realisable value should never be used as the primary measure as it is uncertain.

There is no connection between the measurement of income and wealth.

Eva has identified what she owns and preovded costs and estimates at the start and end of the year as set out below. Eva's wealth measured in terms of historic cost at the end of the period is:

Accounting always allows or changes in taste and technology.

Eva has identified what she owns and preovded costs and estimates at the start and end of the year as set out below. Eva's wealth measured in terms of replacement cost at the start of the period is:

Income can be derived from wealth.

Cost is easy to ascertain.

Eva has identified what she owns and preovded costs and estimates at the start and end of the year as set out below. The difference between the historic costs of the clothes at the start and end of the period is because:

Written down cost describes the act of recording the cost.

Inflation is irrelevant to accounting.

Wealth can be derived from income.

Eva has identified what she owns and preovded costs and estimates at the start and end of the year as set out below. The difference between the historic costs of the clothes at the start and end of the period is because:

Introduction to Accounting

The Measurement of Wealth

The Income Statement and the Cash Flow Statement

Introduction to the Worksheet

Inventory

Amounts Receivable and Amounts Payable

Non-Current Assets, Fixed Assets, and Depreciation

Financing and Business Structures

Cash Flow Statements

Final Accounts and Company Accounts

Financial Statement Analysis

Internal Users and Internal Information

Planning and Control

Cost Behaviour and Cost-Volume-Profit Analysis

Accounting for Overheads and Product Costs

Accounting for Decision-Making: When There Are No Resource Constraints

Accounting for Decision-Making: Resource Constraints and Decisions Which Are Mutually Exclusive

Budgets

Investment Decisions

Management of Working Capital

Filters

Exam 2: Wealth and the Measurement of Profit

Profit is a measure of performance.

Eva has identified what she owns and preovded costs and estimates at the start and end of the year as set out below. Eva's wealth measured in terms of net realisable value at the end of the period is:

Eva has identified what she owns and preovded costs and estimates at the start and end of the year as set out below. Eva's wealth measured in terms of historic cost at the start of the period is:

Eva has identified what she owns and preovded costs and estimates at the start and end of the year as set out below. Eva's wealth measured in terms of net realisable value at the start of the period is:

Wealth is a dynamic measure taken over a period of time.

Net realisable value should never be used as the primary measure as it is uncertain.

There is no connection between the measurement of income and wealth.

Eva has identified what she owns and preovded costs and estimates at the start and end of the year as set out below. Eva's wealth measured in terms of historic cost at the end of the period is:

Accounting always allows or changes in taste and technology.

Eva has identified what she owns and preovded costs and estimates at the start and end of the year as set out below. Eva's wealth measured in terms of replacement cost at the start of the period is:

Income can be derived from wealth.

Cost is easy to ascertain.

Eva has identified what she owns and preovded costs and estimates at the start and end of the year as set out below. The difference between the historic costs of the clothes at the start and end of the period is because:

Written down cost describes the act of recording the cost.

Inflation is irrelevant to accounting.

Wealth can be derived from income.

Eva has identified what she owns and preovded costs and estimates at the start and end of the year as set out below. The difference between the historic costs of the clothes at the start and end of the period is because:

Introduction to Accounting

The Measurement of Wealth

The Income Statement and the Cash Flow Statement

Introduction to the Worksheet

Inventory

Amounts Receivable and Amounts Payable

Non-Current Assets, Fixed Assets, and Depreciation

Financing and Business Structures

Cash Flow Statements

Final Accounts and Company Accounts

Financial Statement Analysis

Internal Users and Internal Information

Planning and Control

Cost Behaviour and Cost-Volume-Profit Analysis

Accounting for Overheads and Product Costs

Accounting for Decision-Making: When There Are No Resource Constraints

Accounting for Decision-Making: Resource Constraints and Decisions Which Are Mutually Exclusive

Budgets

Investment Decisions

Management of Working Capital

Filters