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- 1. Multiple Choice
An accounting report that is used to show revenue and expenses is the:
Statement of Financial Position
Revenue and Expenses Statement
Profit or Loss Statement
Statement of Profit or Loss
- 2. Multiple Choice
If Sales amounted to $88,000 and Cost of Goods Sold came to $42,000, what would the Gross Profit calculate to?
$44,000
$48,000
$46,000
$130,000
- 3. Multiple Choice
What is the total of the other revenues?
$680
$8,080
$9,500
$7,400
- 4. Multiple Choice
What is the total other expenses for the year?
$3,530
$8,080
$7,400
$4,550
- 5. Multiple Choice
What is the difference between the gross and net profits?
$4,550
$3,870
$8,080
$0
- 6. Multiple Choice
What is the net sales amount?
$10,000
$500
$9,500
$10,500
- 7. Multiple Choice
What is the difference between the revenues earned from the sale of inventories and the cost of goods sold?
Net profit
Gross profit
Net sales
Cost of goods sold
- 8. Multiple Choice
An accounting report that is used to show assets, liabilities and owner's equity is the:
Statement of Profit or Loss
Statement of Cash Flows
Statement of Financial Position
Statement of Profit and Finances
- 9. Multiple Choice
What is the link between the Statement of profit or loss and the Statement of financial position?
Gross profit
Capital
Owner's equity
Net profit
- 10. Multiple Choice
ABC has total assets of $1500 and total liabilities of $800. What is the amount of ABC's owner's equity?
$200
$700
$900
$800
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