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WorksheetsIncome Statement Summative Test 3
Total questions: 10
Worksheet time: 5mins
1. These are inflows of cash and promises of cash (accounts receivable) for goods or services sold to customers.
assets
expenses
capital
revenues
2. This is one of the three important financial statements used for reporting a company's financial performance over a specific accounting period.
assets
expenses
balance sheet
income statement
3. This something that comes in as an addition or increase, especially by chance.
balance sheet
income
expense
income statement
4. These are goods or services used or consumed in operating your business.
assets
operating expense
capital
none of these
5. These are expenses that directly relate to the selling of your product or service.
administrative expenses
marketing expenses
Electricity Expenses
none of these
6. These are expenses that do not directly relate to the selling of your product or service; however, they are necessary in operating the business.
administrative Expenses
marketing expenses
electricity expenses
none of these
7. These are examples of administrative expenses.
bank charges expense, cash
building, shipping expense
office salaries expense, telephone expenses
sales income, utilities expense
These are examples of operating expenses.
advertising expense, sales promotion expense
brochure and pamphlet development expense, land
c. capital, loan
sales force salary expenses, bank notes
9. These are the two important sections of income statement.
asset and expense
income and asset
capital and expense
income and expense
10. These are accounts not involved in income statement.
cash and account payables
professional income and salary expenses
interest income and telephone expenses
service income and depreciation expense
