Online Access Free BA3 Practice Test

Refer to the Exhibit.

You have been asked to prepare the sales ledger control account for the month of May, using the following information:
According to the accounts the opening receivables balance was £ 66,250
What is the closing receivables balance as at the end of May?

Refer to the Exhibit.

From the following information, calculate the value of sales for the period:
Value of sales is

An asset may best be defined as:

• A.An obligation to transfer economic benefits as a result of past transactions or events
• B.The amount of money invested in the business by the shareholders
• C.A person or entity to whom money is owed by the business
• D.A resource which may be used to derive income in the future

Refer to the Exhibit.

The following information relates to a business at its year end:
The prime cost of goods manufactured during the year is:

• A.£8,150,000
• B.£8,350,000
• C.£8,800,000
• D.£5,550,000

Non-current assets can be divided between intangible and tangible assets.
Which THREE of the following are intangible assets?

• A.Buildings
• B.Goodwill
• C.Patent
• D.Plant
• E.Research and development
• F.Land