Profit and Loss

Positive result after deducting expenses over revenue.

• Loss

• Profit

• Sales

• None of the above

Office Supplies expense 500

Representation expense 250

Taxes and Licenses 250

Repairs and Maintenance 1,000

Bad Debts expense 150

How much is the total expenses?

• 1,150

• 2,000

• 2,150

• 1,900

Net profit/(loss) often times referred to as "_________________"

It assesses a company's efficiency at using its labor and supplies in producing goods or services.

• Net Profit

• Net Loss

• Cost of Sales

• Gross Profit

Gross Profit - 1,500

Cost of Sales - 3,500

Expenses - 500

Net Profit/(Loss) - 1,000

How much is the Sales Account?

• 5,000

• 4,500

• 3,000

• 6,500