.................................. refers to the final section of a Profit and loss account and shows how the net profit after interest and tax is distributed, i.e.dividends to shareholders and/or retained profit kept by the business.
THE PROFIT AND LOSS ACCOUNT.

Quiz
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Other
•
1st - 5th Grade
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Medium
Maria Guillen
Used 65+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A balance sheet
The appropriation account
Cost of goods sold
Retained profit
2.
MULTIPLE SELECT QUESTION
1 min • 1 pt
The profit and loss account shows the trading position of a business at the end of a specified accounting period.
YES
NO
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The balance sheet shows the assets and liabilities of a business at a particular point in time.
YES
NO
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Is there a universal method to
present the final accounts?
YES
NO
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Internal stakeholders can use final accounts to manage the business and to aid strategic decision-making.
YES
NO
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The profit and loss account (or the income statement) is a financial statement of a firm's trading activities over a period of time, usually one month.
TRUE
FALSE
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Revenue is the positive difference between a firm's revenues and its costs.
TRUE
FALSE
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