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- 1. Multiple Choice
Sales Revenue is the money a company earns from selling its goods to customers. It does not include any other sources of income.
True
False
- 2. Multiple Choice
Includes all of the costs and expenses directly related to the production of goods
Cost of goods sold
Inventory
Sales Revenue
- 3. Multiple Choice
Inventory is the same as stock
True
False
- 4. Multiple Choice
Gross profit is calculated as
Revenue + Cost of goods sold
Revenue - Cost of goods sold
Revenue - Inventory
- 5. Multiple Choice
Cost of goods sold is calculated as
Opening inventory - purchases + closing inventory
Opening inventory - closing inventory + purchases
Opening inventory + purchases - closing inventory
- 6. Multiple Choice
Net profit is calculated as
Gross profit - expenses
Gross profit - expenses + revenue income
Gross profit + revenue income
- 7. Multiple Choice
Which of the following are methods of calculating depreciation?
Straight line
Reducing line
Reducing balance
Straight balance
- 8. Multiple Choice
Historic value in depreciation calculations is
The depreciation for one year
The depreciated cost of the asset
The original cost of the asset
- 9. Multiple Choice
Residual value in depreciation calculations is
the value of the asset at the end of its life
the value of the asset when it was first purchased
the value it reduces by each year
- 10. Multiple Choice
Depreciation is an expense in the statement of comprehensive income
True
False
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