Chapter 23: Income Statements
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16 QuestionsShow answers
  • Question 1
    30 seconds
    Q. The Income Statement lists a businesses:
    answer choices
    Assets and Expenses
    Owner's Equity and Revenue
    Revenue, cost of goods and Expenses
    Expenses and Net Assets
  • Question 2
    30 seconds
    Q. Which of the following is not a type of revenue?
    answer choices
    Sales
    Commission
    Service Fee
    Rent paid
  • Question 3
    30 seconds
    Q. A Net Profit occurs if:
    answer choices
    Gross Profit is greater than expenses
    Expenses greater than Gross Profit
    None of the listed choices
  • Question 4
    30 seconds
    Q. An expense is...
    answer choices
    money a business spends on the general operation of business
    money the business owes to other organisations and people
    money Owed to the Business
    None of the above
  • Question 5
    30 seconds
    Q. Net Profit is:
    answer choices
    Assets less Liabilities
    Gross Profit less Expenses
    Revenue less Liabilities
    Liabilities less Assets
  • Question 6
    30 seconds
    Q. An income statement is also known as a 'Trading, profit/loss & Appropriation Account'?
    answer choices
    False
    True
  • Question 7
    30 seconds
    Q. The Financial year is 1st January - 31st December
    answer choices
    True
    False
  • Question 8
    30 seconds
    Q. When creating an income statement, the interest on a loan is
    answer choices
    revenue
    liability
    an expense
    none of the above
  • Question 9
    30 seconds
    Q. An income statement is
    answer choices
    A way of listing sales, cost of goods sold and expenses.
    Another word for 'Gross Profit'
    Same as the Balance Sheet
    None of the above.
  • Question 10
    30 seconds
    Q. What happens to the retained profit in the income statement?
    answer choices
    Transferred and added to capital in balance sheet
    Transferred and added to liabilities in the balance sheet
    Transferred and subtracted to capital in balance sheet
    Transferred and subtracted to liabilities in balance sheet
  • Question 11
    30 seconds
    Q. If Sales = £100000 Cost of Goods = £25000, the Gross Profit will be:
    answer choices
    £75000
    £40000
    £70000
    £80000
  • Question 12
    30 seconds
    Q. If Gross Profit = £75000 Expenses = £72000, the Net Profit will be:
    answer choices
    £4000
    £3000
    £5000
    £2000
  • Question 13
    30 seconds
    Q. If Net Profit=£3000 and government tax=£1000 and dividends paid=£500 then retained profit is
    answer choices
    £1000
    £2000
    £1500
    £2500
  • Question 14
    30 seconds
    Q. The account in the Income Statement that calculates the Gross Profit is known as:
    answer choices
    The appropriation account
    The trading account
    The profit/loss accounts
    None of the above
  • Question 15
    30 seconds
    Q. The account in the Income Statement that calculates the Net Profit is known as:
    answer choices
    The appropriation account
    The trading account
    The profit/loss accounts
    None of the above
  • Question 16
    30 seconds
    Q. The account in the Income Statement that calculates the Retained Profit is known as:
    answer choices
    The appropriation account
    The trading account
    The profit/loss accounts
    None of the above
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