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WorksheetsFinancial Statements
Total questions: 30
Worksheet time: 15mins
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
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
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
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
The language of business
(a)
properties owned by the company, regarded as having value and available to meet debts, commitments, or legacies
(a)
these are what the companies owe and the obligations to its creditors and stakeholders
(a)
this statement reflects the financial performance of the company for a specific period time
(a)
The heading is the same on all three financial statements.
true
false
At the beginning of the accounting period, Frank’s Supply Company had a capital balance of $210,050. During the period, the owner invested $10,500 additional capital, and did not take any withdrawals. The period showed a net loss of $24,850. What was the ending capital for the period?
$196,150
$195,700
$224,400
$229,550
The purpose of the Income Statement is to report....
all assets, liabilities, and owner's equity at a specified time
all of accounts used in journalizing a business's transactions
balance in the capital accounts in order to determine the net income or loss
the net income or loss for a fiscal period
Profit margin (%) =
(Gross profit / Net sales revenue) x 100
(Profit for the year / Net sales revenue) x 100
(Profit for the year / Cost of sales) x 100
(Gross profit / Cost of sales) x 100
= (Net Profit after tax / Net Sales) x 100. This is the formula to calculate which Profitability ratio, for a public company?
Gross Profit
Net Profit
Return on Total Assets
Return on ordinary shareholder's equity
Examples may include salaries, utilities, rent, insurance, and office supplies.
Revenue
Expenses
Net Income
Net Loss
Any owner's equity increase
debit
credit
All of the following statements are correct, except for?
Increases in assets and expenses are debited
Decreases in assets and expenses are credited
Increases in liabilities and owner's equity are debited
Decreases in revenues are debited
Debit or credit? Cash increases
Cash is an asset, so it should be debited
Cash is an asset, so it should be credited
Cash is a liability, so it should be debited
Cash is a liability, so it should be credited
Identify the correct accounts affected given the following transaction: Purchased supplies on credit (on account) from Supplies World
Purchases and bank
Supplies and bank
Purchases and accounts receivable - supplies world
Supplies and accounts payable - supplies world
Identify the correct transaction given the following general journal entry: debit supplies $400; credit accounts payable OKC Ltd $400
Purchased equipment from OKC Ltd $400 cash
Sold supplies $400 cash
Received a loan from OKC Ltd $400
Purchased supplies from OKC Ltd $400 on credit
Identify the correct transaction given the following general journal entry: debit bank $800; credit service fees $800
Performed services for cash $800
Sold goods for cash $800
Performed services for GSW Ltd on credit $800
Received $800 from accounts receivable
If the capital of a business is ₹ 5,00,000 and outside liabilities are ₹200,000. Calculate total assets of the business.
3,00,000
7,00,000
10,00,000
2,50,000
Assets increase on the ________ side?
subsidiary
T-account
credit
debit
