Worksheetsfinancial statement
Total questions: 21
Worksheet time: 11mins
Which of the following are items of Expenses?
salaries, utilities, inventory, discount allowed
salaries, utilities, insurance, discount allowed
salaries, utilities, interest received, discount allowed
salaries, utilities, loan, discount allowed
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
When revenue > expenses, then there is a
Net Loss
mistake in the math
Net Income
transposition error
All of the following are assets, except for?
Goodwill
Patents
Loans to other businesses
Loans from other businesses
A firm’s financial obligations to short-term creditors, which must be repaid within one year.
Current Assets
Current Liabilities
Accounts Receivable
Accounts Payable
Cash at bank is an example of a
Current asset
Non-current asset
Equity
A balance sheet shows:
how much gross profit it has
how much net profit it has
how much a business owns and owes
Two examples of tangible assets are:
Trademarks and Patents
b. Inventory and Trademarks
b. Patents and Cash
A statement of financial position shows the ________________ of the business at a certain date.
Assets and Liabilities
Revenue and Expenses
Only Capital
Only Assets
The __________ is the positive difference between the selling price and the cost of goods sold.
Net Profit
Gross Profit
Net Loss
Gross Loss
Conducted services on account are recorded in
(a)
Which of the following best represents the formula for calculating Gross Profit?
Revenue - Expenses
Revenue - Purchases
Revenue - Cost of Goods Sold (COGS)
Revenue - Net Profit
If a business had $50,000 in revenue and $30,000 in cost of goods sold, what would the gross profit be?
$20,000
$80,000
$30,000
$50,000
Net Profit is calculated by subtracting __________ from Gross Profit.
Cost of Goods Sold
Inventory
Total Expenses
Sales
If a business has sales revenue of $100,000, cost of goods sold of $60,000, and office expenses of $20,000, what is the net profit?
$20,000
$40,000
$60,000
$80,000
What is the purpose of a balance sheet?
To show a company's financial position at a specific point in time.
To predict future financial performance
To analyze customer satisfaction
To determine employee salaries
What are the three main financial statements?
income statement, balance sheet, cash flow statement
revenue summary
equity report
profit statement
What does the cash flow statement show?
The cash flow statement shows the inflow and outflow of cash in a business over a specific period of time.
The cash flow statement shows the profit and loss of a business
The cash flow statement shows the balance sheet of a business
The cash flow statement shows the revenue and expenses of a business
What is the formula for calculating return on investment (ROI)?
ROI = (Final Value / Initial Investment) * 100
ROI = (Initial Investment / Final Value) * 100
ROI = (Final Value - Initial Investment) / Final Value
ROI = ((Final Value - Initial Investment) / Initial Investment) * 100
