Income Statement

Income Statement

9th - 10th Grade

15 Qs

quiz-placeholder

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Income Statement

Income Statement

Assessment

Quiz

Other

9th - 10th Grade

Hard

Created by

Poushali Roy

Used 45+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Income Statement is prepared at

Middle of the year

End of the year

Every 3 months

Every 6 months

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is recorded in the Income Statement

Expense & Income

Asset & Liability

All 5

Drawings

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When you debit Income Statement it

increases profit

decreases profit

profit remains unchanged

None of these

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the Income St Expenses and Liability are

Debited

Credited

Both

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Prepaid expenses and income are

subtracted

added

multiplied

divided

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accrued expense and income is

added

subtracted

multiplied

divided

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Recording of income in Income Statement is

an opening entry

a closing entry

an adjustment entry

a rectification entry

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