Older MCQs might not have the typical A, B, C,
D
choices. They
have choices 1, 2, 3, and a combination of them is the answer. Below is the key that maps such
combinations to the answer.
A
1, 2 and 3 are correct
B
1 and 2 only are correct
C
2 and 3 only are correct
D
1 only is correct
understand, calculate and explain the importance of the following accounting ratios: Gross margin, Profit margin, Return on capital employed (ROCE), Current ratio, Liquid (acid test) ratio, Rate of inventory turnover (times), Trade receivables turnover (days), Trade payables turnover (days)
make recommendations and suggestions for improving profitability and working capital
recognise and define the content of a statement of financial position: non-current assets, intangible assets, current assets, current liabilities, non-current liabilities and capital