Income Statement is prepared at
Income Statement

Quiz
•
Other
•
9th - 10th Grade
•
Hard
Poushali Roy
Used 45+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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