Statement of financial performance 2

Where do they belong?

By Chong Ching

Multiple Choice

How to calculate Profit for the year?

• Gross profit + other income _+ other expenses

• Gross profit - other income - other expenses

• Gross profit + other income - Other expenses

• Gross profit + net sales revenue - other expenses

Multiple Choice

What are the items to be included in the statement of financial performance?

• Income and expenses

• Income, expenses and assets

• Assets, liabilities and Equity

Multiple Choice

A business made $20 000 in sales. Where does this go in the statement?

• Cost of sales

• sales returns

• other income

• Sales revenue

Multiple Choice

If total income is less than total expense, the business made a _______ for the year.

• profit

• loss

Multiple Choice

A business spent $5 000 on rent. Where should this go?

• Other income

• Sales revenue

• Other expenses

• Gross profit

Multiple Choice

A business received $300 in commission income. Where should it be placed?

• Profit for the year

• Gross profit

• Other income

• Other expenses