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- 1. Multiple Choice
An Income Statement is
A formal way of listing sales and expenses for the year.
Another word for 'Gross Profit'
Same as the Cash Flow Statement
None of the above.
- 2. Multiple Choice
An income statement is also known as a 'profit and loss statement'?
True
False
- 3. Multiple Choice
The income statement shows the financial performance of the business
on a GIVEN DATE
for a PERIOD of time
- 4. Multiple Choice
The revenue section of an income statement usually begins with
Expenses
Sales
Net profit
Cost of goods sold
- 5. Multiple Choice
When creating an income statement, the interest on a loan is
an expense
revenue
neither
- 6. Multiple Choice
Net profit is
Assets less Liabilities
Revenue less Expenses
Revenue less Liabilities
Liabilities less Assets
- 7. Multiple Choice
Reports should include all information that is useful for decision making is
comparability
understandability
reliability
relevance
- 8. Multiple Choice
Which of the following is not a revenue item?
Receipt of a Loan
Service fees received
Interest received
Cash received for services provided to a customer
- 9. Multiple Choice
True or False - A Net Loss will always result in a Cash Deficit?
True
False
- 10. Multiple Choice
A reason why a business may suffer a cash deficit but earn a net profit is
Cash Drawings
Cash Capital Contribution
GST Refund
Decrease in Wages expense
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