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Worksheetsincome statemtns
Total questions: 25
Worksheet time: 17mins
Gross profit is calculated by...
Revenue - Total Costs
Revenue + Variable Costs
Revenue - Cost of Sales
Revenue - Fixed Costs
Cost of sales is calculated by...
Opening stock + purchases - closing stock
Opening stock + purchases + closing stock
Adding up all of the stock bought during the year
Opening stock - closing stock
Which of the following are different terms for fixed costs?
Expenses
Expenditure
Overheads
Indirect costs
Which of the following are different terms for variable costs?
Direct costs
Indirect costs
Materials
Cost of sales
How do you calculate net profit?
Gross profit - expenses
Revenue - total costs
Gross profit - variable costs
Revenue - indirect costs
Revenue = 1000
Cost of Goods Sold = 200
Expenses = 300
Gross Profit = ?
800
500
700
300
Revenue = 1000
Cost of Goods Sold = 200
Expenses = 300
Net Profit = ?
800
500
700
300
Net Profit = 500
Revenue = 2000
Expenses = 1000
Cost of Goods Sold = ?
1500
1000
3000
500
An accounting report that is used to show revenue and expenses is the
Loss and Profit Statement
Reveune and Expenses Statement
The Profit or Loss Statement
The Income Statement
The main purpose of an Income statement is to...
calculate profit or loss
provide information in an informative manner
Which one is right?
Asset = Owner's equity + Liability
Asset = Owner's equity - Liability
Asset + Owner's equity = Liability
Asset + Owner's equity = expense
What is balance sheet?
A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure.
A Balance sheet is one of a company's core financial sheet that shows their profit and lossProfit and Loss
Mr.W has current assets of $500 and total assets of $1500. ABC has current liabilities of $300 and total liabilities of $800. What is the amount of ABC's owner's equity
200
700
900
800
Which of the following would normally be a current liability?
Note Payable Due In Two Years
Unearned Revenue
The balance sheet heading will specify a
Period Of Time
Point In Time
What is the normal balance for contra asset accounts?
Debit
Credit
What are liabilities?
Money that the business has in stock
Money owed by the business to banks
The amount of money owed to shareholders
What are net assets?
Total assets - total liabilities
Current assets - current liabilities
Money left over after your bills are paid
What is working capital?
Capital available to spend
Capital you use to pay for fixed assets
Funds left over to meet day to day expenses
What are curent assets?
Fixed assets
Liquid assets
Variable assets
What is Shareholders Equity?
The money owed by the business to the shareholders
The money shareholders pay to the business
The amount of profit shareholders receive on their shares
Do assets belong to a business?
Yes
No
Are inventories held by a Business?
Yes
No
Are non-current liabilities
Money owed by the business for less than a year
Money owed by the business for more than a year
Resources that will be used over a period of time
