THE PROFIT AND LOSS ACCOUNTS

THE PROFIT AND LOSS ACCOUNTS

1st - 5th Grade

17 Qs

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THE PROFIT AND LOSS ACCOUNTS

THE PROFIT AND LOSS ACCOUNTS

Assessment

Quiz

Other

1st - 5th Grade

Practice Problem

Medium

Created by

Maria Guillen

Used 90+ times

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17 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The profit and loss account is also known as the income statement.

TRUE

FALSE

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The finnal accountas are divided into three parts: the trading account, the profit and loss account, and the appropriation account.

TRUE

FALSE

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

problems would immediately arise if accounts were not kept.

TRUE

FALSE

4.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Is the business able to repay the loan to the bank? affect:

Managers

bank

workers

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

§Final accounts are financial statements compiled by businesses at the end of a particular accounting period such as the end of a fiscal or trading year.

true

false

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Final accounts are financial statements compiled by businesses at the end of a particular accounting period such as the end of a fiscal or trading year.

TRUE

FALSE

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The profit and loss account shows the trading position of a business at the end of a specified accounting period.

TRUE

FALSE

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