Day 3 Revision T3 Exam

Examples of liabilities are:

• Creditors

• Loan from the bank

• both of the above

• none of the bank

Another name of income statement is:

• profit & loss statement

• statement of status

• credit sheet

• loan sheet

A financial obligation that a business is required to pay in the future

• asset

• liabilities

• debt

• not my problem

click all that apply. what are the 3 financial statements

• Income Statement

• Net Assets Business Accounts

• Statement of Cash Flow

• Balance Sheet

• Capital Cash Flow Statement

if sales are EGP100,000

cost of goods- EGP25,000

The Gross profit is____

• 75,000

• 100,000

• 25,000

• 45,000

The statement of of financial position is a snapshot of how much the business is worth?

• True

• False

Revenue- expenses = _____

• income

• profit

• overhead

• none of the above

The ________ the main financial statement that reports the assets, liabilities, & owners equity.

• income statement

• balance sheet

• income worksheet

• Balance worksheet

The length of time for which a business reports financial information is called the________

• trial period

• fiscal period

• adjustment period

• none of the above