Free Printable FAPS Financial statements introduction

Worksheets

Name

Class

Date

Which of these would appear under additional income in the profit and loss account?

Loss on disposal

Rent paid

Profit on disposal

Interest paid

Gross profit is a useful calculation to determine how profitable products are?

4 lines

Which of these is a non-current asset

Bank

Inventory

Trade receivables

Land and buildings

Which of these would show as a current liability?

Loan repayable in 5 years time

VAT owing from HMRC

VAT owing to HMRC

Allowance for doubtful debts

Assets - liabilities =

(a)

Closing Inventory is part of the cost of sales calculation on the the statement of profit or loss?

True

False

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