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WorksheetsIncome Statement
Total questions: 15
Worksheet time: 8mins
Income Statement is prepared at
Middle of the year
End of the year
Every 3 months
Every 6 months
What is recorded in the Income Statement
Expense & Income
Asset & Liability
All 5
Drawings
When you debit Income Statement it
increases profit
decreases profit
profit remains unchanged
None of these
In the Income St Expenses and Liability are
Debited
Credited
Both
Prepaid expenses and income are
subtracted
added
multiplied
divided
Accrued expense and income is
added
subtracted
multiplied
divided
Recording of income in Income Statement is
an opening entry
a closing entry
an adjustment entry
a rectification entry
In the Income Statement a service business earns
Only Gross Profit
Gross and Net Profit
Only Net Profit
Divisible Profit
In the Income Statement a trader will earn
Only Gross Profit
Gross profit & Net profit
Only Net Profit
Divisible Profit
Gross Profit=
Sales - Cost
Sales - Cost of sales
Sales - Expense
Sales - Cost of goods sold
Net Profit is calculated by
Gross Profit - Expense
Gross profit + Income
Gross Profit - Drawings
Gross Profit + Income - Expense
What are Other Income recorded in Profit & Loss section
Commission received
Profit on sale of Non-current assets
Discount received
All 3
Which combination is correct
Gross Profit - Trading A/C
Net Profit -
Profit & Loss A/C
GrossProfit - Profit & Loss A/C
Net Profit - Trading A/C
Income Statement written as ...........................
......... as on.......
...... as at .........
..... for the year ended ......
....... dated .........
Entry for providing Depreciation
Depreciation Dr Income St Cr
Depreciation Dr Provision for depreciation Cr
Income St Dr Depreciation Cr
Income St Dr
Provision for depreciation Cr
