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WorksheetsHigher Accounting - Income Statement Terminology
Total questions: 12
Worksheet time: 6mins
Find the term to match the meaning below:
Money the business receives from customers from selling their goods and services
Gross profit
Sales revenue
Sales returns
Warehouse expenses
Find the term to match the meaning below:
Total value of goods returned to the business for customers (e.g. because the goods sold were faulty)
Sales returns
Purchase returns
Carriage in
Warehouse expenses
Find the term to match the meaning below:
The figure that arises from deducting sales returns from sales revenue (i.e. sales revenue - sales returns = ?)
Opening inventory
Net sales
Cost of sales
Gross profit
Find the term to match the meaning below:
Inventory carried forward from the previous accounting period
Opening Inventory
Purchases
Closing Inventory
Carriage In
Find the term to match the meaning below:
Total value of inventory purchased from suppliers by the business for resale
Purchases
Closing Inventory
Other Income
Expenses
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A charge added to purchases when the supplier delivers inventory to the business's premises. It is sometimes referred to as a delivery charge
Carriage in
Carriage way
Carriage out
Carriage car
Find the term to match the meaning below:
Total value of inventory returned to suppliers by the business, (e.g. when the wrong goods are delivered by the supplier or a greater quantity than ordered is delivered)
Carriage in
Purchase returns
Sales returns
Carriage out
Find the term to match the meaning below:
Inventory unsold at the end of an accounting period. This will also appear as a current asset in the Statement of Financial Position.
Closing inventory
Opening inventory
Purchases
Carriage out
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The costs incurred in storing inventory in a warehouse prior to sale
Warehouse costs
Warehouse expenses
Warehouse revenue
Warehouse application
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The result of subtracting cost of sales from the net sales revenue
Gross profit
Profit for the year
Net sales
Expenses
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Additional costs associated with running the business for the year. These are adjusted to show what should have been paid, and not what has been paid!
Gross Profit
Expenses
Undercosts
Other income
The other items of income the business has received during the accounting year from sources other than buying and selling goods
Other income
Expenses
Sales revenue
Purchases
