Year 10 Accounting - Financial Reports

An accounting report that is used to show revenue and expenses is the:

• Statement of Financial Position

• Revenue and Expenses Statement

• Profit or Loss Statement

• Statement of Profit or Loss

If Sales amounted to $88,000 and Cost of Goods Sold came to $42,000, what would the Gross Profit calculate to?

• $44,000

• $48,000

• $46,000

• $130,000

What is the total of the other revenues?

• $680

• $8,080

• $9,500

• $7,400

What is the total other expenses for the year?

• $3,530

• $8,080

• $7,400

• $4,550

What is the difference between the gross and net profits?

• $4,550

• $3,870

• $8,080

• $0

What is the net sales amount?

• $10,000

• $500

• $9,500

• $10,500

What is the difference between the revenues earned from the sale of inventories and the cost of goods sold?

• Net profit

• Gross profit

• Net sales

• Cost of goods sold

An accounting report that is used to show assets, liabilities and owner's equity is the:

• Statement of Profit or Loss

• Statement of Cash Flows

• Statement of Financial Position

• Statement of Profit and Finances

What is the link between the Statement of profit or loss and the Statement of financial position?

• Gross profit

• Capital

• Owner's equity

• Net profit

ABC has total assets of $1500 and total liabilities of $800. What is the amount of ABC's owner's equity?

• $200

• $700

• $900

• $800