THE PROFIT AND LOSS ACCOUNT.

THE PROFIT AND LOSS ACCOUNT.

1st - 5th Grade

20 Qs

quiz-placeholder

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THE PROFIT AND LOSS ACCOUNT.

THE PROFIT AND LOSS ACCOUNT.

Assessment

Quiz

Other

1st - 5th Grade

Medium

Created by

Maria Guillen

Used 65+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

.................................. 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.

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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