Search Header Logo

Accounting Fundamentals

Authored by Tina XING

Social Studies

1st Grade

Used 9+ times

Accounting Fundamentals
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Gross profit is calculated by:

Revenue - Total Costs

Revenue + Variable Costs

Revenue - Cost of Sales

Revenue - Fixed Costs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Income Statement lists a businesses:

Assets and Expenses

Owner's Equity and Revenue

Revenue, cost of goods and Expenses

Expenses and Net Assets

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of an income statement?

calculate the bank balance

calculate net assets

calculate sales

calculate net profit

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An expense is:

money the business owes to other organisations and people

money a business spends on the general operation of business

money owed to the Business

None of the above

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cash in Bank is classified as

Current Asset

Current Liability

Non-current Asset

Non-current Liability

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

 If Net Profit (operating profit)=£3000 and government tax=£1000 and dividends paid=£500 then retained profit is

£1000

£1500

£2000

£2500

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Refers to the financial obligations of a company that are not expected to be settled within one year.

Non-current Assets

Current Assets

Non-Current Liabilities

Current Liabilities

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?