Accounting Multiple Choice Question – 7 April 2020

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Accounting

A firm has net assets of £8,000, net current assets of £3,000 and no long-term debt.

Its fixed assets are?

Select ONE answer:

  1. £3,000
  2. £5,000
  3. £8,000
  4. The total of fixed assets cannot be ascertained from the information provided.

 

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 2

  1. Not correct
  2. Correct – Fixed Assets + Net Current Assets = Net Assets.  Thus Fixed Assets + £3,000 2= £8,000, Therefore, Fixed Assets = £5,000
  3. Not correct
  4. Not correct

 

 

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Author: stuart001uk2014

Referral marketing, business, economics and accounting s​pecialist & corporate mentor

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