Closing Net Assets – NBC Institute

FA – May 2013 – L1 – SA – Q10 – Financial Statements Preparation

This question tests the calculation of a sole trader’s net profit.

Question

Which of the following is used to derive a sole trader’s net profit for a period?

A. Closing net assets + drawings – capital introduced – opening net assets
B. Closing net assets – drawings + capital introduced – opening net assets
C. Closing net assets – drawings – capital introduced – opening net assets
D. Closing net assets + drawings + capital introduced – opening net assets
E. Closing net assets + drawings + capital introduced + opening net assets

Answer

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Tags: Closing Net Assets, Net Profit, Sole Trader
Level: Level 1

Topic: Financial Statements Preparation
Series: MAY 2013

Question Tag: Closing Net Assets

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FA – May 2013 – L1 – SA – Q10 – Financial Statements Preparation

This question tests the calculation of a sole trader’s net profit.

FA – May 2013 – L1 – SA – Q10 – Financial Statements Preparation

This question tests the calculation of a sole trader’s net profit.

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This question tests the calculation of a sole trader’s net profit.

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