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WorksheetsProfit & Loss Account
Total questions: 20
Worksheet time: 41mins
Revenue = 1000
Cost of Goods Sold = 200
Expenses = 300
Gross Profit = ?
800
500
700
300
Gross profit is calculated by...
Revenue - Total Costs
Revenue + Variable Costs
Revenue - Cost of Sales
Revenue - Fixed Costs
Cost of sales is calculated by...
Opening stock + purchases - closing stock
Opening stock + purchases + closing stock
Adding up all of the stock bought during the year
Opening stock - closing stock
When expenses are greater than income?
expense
net loss
net income
net gain
Income = 1000
Cost of Goods Sold = 200
Expenses = 300
Gross Profit = ?
800
500
700
300
Income = 1000
Cost of Goods Sold = 200
Expenses = 300
Net Profit = ?
800
500
700
300
The amount of cash moving into and out of a business
Cash Flow
Net Worth
purchasing an asset would be an example of
cash inflow
cash outflow
The financial statement that reports whether the business earned a profit and also lists the revenues and expenses is called the:
Statement of Financial position
Statement of Changes in Equity
Statement of Cash Flows
Income Statement
COGS stands for
cost of goods sales
cost of goods serviced
cost of goods sold
The amount of money a firm spent to buy or produce the products it sold during the period to which the income statement applies.
Statement of Financial Position
Statement of the Comprehensive Income
Statements of Cash Flow
Cost of Goods Sold
