C5: Statement of financial performance

Which accounting theory assume that business will continue to operate indefinitely?

• Accounting entity

• Going concern

• Accounting period

• Historical cost

Financial statements are prepared at regular time intervals such as quarterly and yearly. Which of the following is the underlying accounting theory?

• Monetary

• Going concern

• Accounting entity

• Accounting period

If the last day of the financial year is 31 December 2019, where did the financial year started?

• 1 December 2019

• 1 December 2020

• 1 January 2020

• 1 January 2019

If the last day of the financial year is 30 June 2020, when did the financial year started?

• 1 July 2019

• 1 July 2020

• 1 Jan 2019

• 1 Jan 2020

If the first day of the financial year is 1 April 2018, when is the last day of the financial year

• 30 April 2018

• 30 April 2019

• 31 March 2018

• 31 March 2019

Identify the section in (a)

• Trading

• Profit and Loss

Which of the item is wrong?

• Sales revenue

• Add: Sales returns

• Net sales revenue

• Less: Cost of sales

• Gross Profit

Which of the following items is wrong?

• Sales revenue

• Less: Sales returns

• Net sales revenue

• Add: Cost of sales

• Gross Profit

Select the missing item in (b)

• Other income

• Other expense

• Sales revenue

• Profit for the year

• Net sales revenue

Select the missing item in (d)

• Other expense

• Other income

• Net sales revenue

• Gross Profit

• Sales revenue