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Questions and Answers
What is the purpose of the Trading Account?
What is the purpose of the Trading Account?
- To determine the gross profit or gross loss of the business (correct)
- To analyze the overhead expenses of the business
- To calculate the net profit or net loss of the business
- To calculate the cost of goods sold
What does 'Direct expenses' include in the Trading Account?
What does 'Direct expenses' include in the Trading Account?
- Expenses incurred from the time of purchases to making the goods in suitable condition (correct)
- Expenses related to the sale of goods
- Administrative expenses incurred during the year
- Expenses related to the purchase of fixed assets
What is included in the 'Purchases' in the Trading Account?
What is included in the 'Purchases' in the Trading Account?
- Only the purchases of raw materials
- Only cash purchases made during the year
- Both cash and credit purchases made during the year (correct)
- The cost of goods sold during the year
What does 'Opening Stock' refer to in the context of the Trading Account?
What does 'Opening Stock' refer to in the context of the Trading Account?
Where does the 'Gross profit' appear in the Trading Account?
Where does the 'Gross profit' appear in the Trading Account?
What was Jesse Owens' initial reaction to the patriotic feeling and Hitler's views in Germany?
What was Jesse Owens' initial reaction to the patriotic feeling and Hitler's views in Germany?
What impact did Luz Long's performance have on Jesse Owens?
What impact did Luz Long's performance have on Jesse Owens?
What happened when Jesse Owens expressed his anger against the Germans?
What happened when Jesse Owens expressed his anger against the Germans?
What was Hitler's view regarding the Nazis and other races?
What was Hitler's view regarding the Nazis and other races?
What was the main theme of 'My Greatest Olympic Prize'?
What was the main theme of 'My Greatest Olympic Prize'?
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Study Notes
Trading Account
- The purpose of the Trading Account is to calculate the Gross Profit or Gross Loss of a business by matching the revenues with the cost of goods sold.
- Direct expenses in the Trading Account include costs directly related to the production or purchase of goods, such as labor, raw materials, and transportation costs.
- Purchases in the Trading Account refer to the total amount of goods bought by the business during a specific period.
- Opening Stock in the context of the Trading Account refers to the initial quantity of goods held by the business at the beginning of the accounting period.
Gross Profit
- The Gross Profit appears on the credit side of the Trading Account, and it represents the difference between the total revenue and the cost of goods sold.
Jesse Owens and the 1936 Olympics
- Jesse Owens was initially hesitant to express his patriotic feelings in Germany due to Hitler's views.
- Luz Long's performance had a positive impact on Jesse Owens, as the two athletes formed a bond despite being from different countries.
- When Jesse Owens expressed his anger against the Germans, it was met with applause from the American crowd.
- Hitler believed in the superiority of the Aryan race and viewed other races as inferior.
- The main theme of 'My Greatest Olympic Prize' is the unexpected friendship between Jesse Owens and Luz Long during the 1936 Olympics.
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