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WorksheetsFinancial Statements
Total questions: 20
Worksheet time: 20mins
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
What is the meaning of Gross profit?
profit from providing services to customers
profit from providing money to customers
profit from providing goods to customers
profit from providing loans to customers
What is the difference between non-current assets and current assets?
NCA provide benefits that are used within one financial period but CA provide benefits that last beyond one financial period
NCA provide benefits that last beyond one financial period but CA provide benefits that are used within one financial period
NCA are easily converted to cash but CA are not easily converted to cash easily
NCA are not loans but CA are loans
Operating Activities in the Income Statement consist of the following:
revenue
cost of good sold
operating expenses
interest expense
income taxes
Operating Income is also known as
EBT
EAT
EBIT
Revenue
Which of the following are Equity
Preferred stock
Mortgages
Paid-in-Capital
Retained earnings
Short-term notes
You have assets totaling $10,000 and all of your debts total $13,000. What is your net worth
$3
$23,000
$3000
$-3000
Depreciation expense
Operating
Investing
Financing
Supplemental
A decrease in the balance of Accounts Receivable.
Operating
Investing
Financing
Supplemental
Which of the following transaction is NOT a revenue?
Performed a services worth RM3,000 on credit for Aliff and further services worth RM5,500 cash
Purchased RM6,000 worth of drying fuel and RM3,000 worth of machinery lubricants
Received subsidy of RM7,000 and interest of RM4,000
Sold RM9,000 worth of grain crops for cash and a small tractor costing RM12,000 for RM20,000
The owner's equity will increase when ........
i - a business obtained net profit
ii - a business incurred net loss
iii - the owner withdrew cash from the company
iv- the owner brought in machinery to use in the business
i and iv
ii and iii
i and iii
ii and iv
Sun Farm bought seed and fertilizer on credit from One Nursery Sdn Bdh. What is the effect of this transaction?
Increase in both asset and liability
Increase in asset and decrease in liability
Increase liability and decrease in asset
Decrease in both asset and liability
Define “Don’t put all your financial eggs into one basket”.
To make fried rice
Put your money in different types of investment
High risk, high return
Put all your money into one type of investment
Which of the following may NOT provide cash inflow to the company?
Payment of liabilities
Collection from customers
Sale of company car
Payment by employee of his loan
Cash= 1000, Bank = 2000, Accounts payable = 1500 and loans = 1000. What is the value of assets?
3000
2500
1550
4500
Which of the following includes ONLY Current Liabilities include
trademark, creditors, mortgage
bank overdraft, mortgage, bank loan
Short-term loan, creditors, bank overdraft.
cash in hand, bank balance, short term loan
