Font size
WorksheetsChapter 2: Financial Statements
Total questions: 12
Worksheet time: 6mins
The costs incurred in the day-to-day operations of an organization.
Bookeeper
Profit
Revenue
Expenses
The total amount of money received from the sale of goods or services.
Bookeeper
Profit
Revenue
Expenses
The difference between what it costs to make and sell a product and what a customer pays for it.
Bookeeper
Profit
Revenue
Expenses
The amount of money a firm spent to buy or produce the products it sold during the period to which the income statement applies.
Statement of Financial Position
Statement of the Comprehensive Income
Statements of Cash Flow
Cost of Goods Sold
Money owed to a company by its clients or customers who have promised to pay for products at a later date.
Current Assets
Account Receivable
Current Liabilities
Account Payable
The amount a company owes to suppliers for goods and services purchased with credit.
Current Assets
Account Receivable
Current Liabilities
Account Payable
A firm’s financial obligations to short-term creditors, which must be repaid within one year.
Current Assets
Current Liabilities
Accounts Receivable
Accounts Payable
The financial statement that reports the assets, liabilities, and shareholders equity at a specific date is the:
Balance sheet
Income Statement
Trial Balance
General Ledger
Cash at bank is an example of a
Current asset
Non-current asset
Equity
A balance sheet shows:
how much gross profit it has
how much net profit it has
how much a business owns and owes
Identify the three sections of a Balance Sheet
Revenue
Assets
Equity
Expenses
Liabilities
What is the equation to calculate Gross profit?
Sales revenue + Income - Expenses
(Sales revenue - Sales returns) - Cost of sales
(Sales revenue + Cost of sales) - Sales returns
(Sales revenue + Sales returns) - Cost of sales
