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Worksheetsuse of financial documents
Total questions: 48
Worksheet time: 29mins
These people look at ratios to monitor business operations
Ratio
Managers
Profit
Competitive Analysis
An element of the income statement that informs the business of just how much money it is making
Net income
Creditors
Revenue
Income Statement
Another name for the income statement because it is used to make a variety of business decisions
Operating Statement
Profit and Loss Statement
Sales Growth Ratio
Revenue
Any money made from the sale of the business’s goods and services
Creditors
Categories
Managers
Revenue
Total profit made before all remaining expenses have been deducted
Financial Ratios
Gross Profit
Net income
Operating Statement
This element of the income statement includes all direct costs to obtain and produce the goods or services that a business sells
Operating Statement , Gross Profit
Income Minus Expenses, Ratio
Profit and Loss Statement
Cost of Goods Sold
These people use information from the income statement to determine if the business gets a loan
Managers
Stockholders
Investors
Creditors
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
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
The financial statement that reports net income or net loss
Income Statement
Balance Sheet
Statement of Cash Flows
Statement of Changes in Owner's Equity
Which Financial Statement identifies company's financial position?
Income Statement
Statement of Changes in Owner's Equity
Statement of Cash Flows
Balance Sheet
An expense is..
money Owed to the Business
money a business spends on the general operation of business
money the business owes to other organizations and people
None of the above
Current Assets / Current liabilities = which ratio?
Current Ratio
Quick Ratio
Profitability Ratio
Return on sales
What does liquidity mean?
Any type of asset, including water
if it can easily be converted to expenses
how easy the asset can be converted to cash
how easy the liability can be converted to cash
What is not included on the statement of changes in owner's equity?
Capital
Expenses
Withdrawals
Net income
Current Assets include:
Property
Buildings
Cash
Accounts payable
These are used by investors, market analysts, and creditors to evaluate a company's financial health and earnings.
Statement of Financial Position
Financial Statements
Balance Sheet
Cash flows
Also called as Balance Sheet.
Statement of Financial Position
Financial Statements
Statement of Balance
Statement of Income
This is what the business owns.
Assets
Liablities
Loans
Owner's Equity
This is what the business owes.
Assets
Liabilities
Loans
Owner's Equity
Also known as the "Long-term Assets"
Non-current Assets
Current Assets
Non-current liabilities
Current Liabilities
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
This is an example of
Report Form Balance Sheet
Account Form Balance Sheet
Following are accounts under _________________.
•Cash and cash equivalents
•Trade and other receivables
•Inventories
•Biological assets
•Investments
•Financial assets
•Investment property
•Property, plant, and equipment
Assets
Liabilities
Owner's Equity
These are the resources owned by the company that can provide future economic benefits.
Assets
Liabilities
Owner's Equity
Another name for the statement of Financial Position.
Balance Sheet
Income Statement
Pofit and Loss Statement
Cash in Bank is classified as
Current Asset
Current Liability
Noncurrent Asset
Noncurrent Liability
Account Receivable is classified as
Current Asset
Current Liability
Noncurrent Asset
Noncurrent Liability
Furniture and Fixtures is classified as
Current Asset
Current Liability
Noncurrent Asset
Noncurrent Liability
Current liabilities are short-term debts. The money owed must be paid back within one year.
True
False
Current assets can be turned into cash within ...
two years
three years
a year
