1/13
A financial statement that shows how much income, expenses, and profit or loss
a business has over a period of time is the______________
Financial statement
2/13
The formula to calculate gross profit or loss for a period is______________.
Net sales revenue - Cost of sales
Sales revenue - Total expenses
Total income - Cost of sales
Total income-Total expenses
3/13
The portion of the financial performance which shows the profit or loss from selling goods is known as the______________ portion.
entire
trading
none of the above
4/13
Rani Trading earned sales revenue of $304000 for the financial year ended 31 December 2022. The cost of sales during the period amounted to $197000.
How much gross profit did Rani Trading earn?
$107000
$152,000
$250,500
5/13
On 30 September 2021, Nirvair provided the following information:
Sales revenue $74,860
Sales returns $1,310
Cost of sales $64,310
How much gross profit did Nirvair earn?
$9,240
$10,550
$11,860
$140,480
6/13
The formula to calculate profit or loss for the period is______________.
Sales revenue - Total expenses
Total income - Cost of sales
Total income - Total expenses
7/13
The accountant of Budi provided the following information for the year ended 31 March 2021:
Gross profit $23,680
Discount received $1,460
Operating expenses $19,680
Calculate Budi Retail's profit for the year ended 31 March 2021.
$2,540
$4,000
$5,460
$23,680
8/13
A statement of financial position shows
revenues, liabilities, and shareholders' equity.
expenses, dividends, and shareholders' equity.
revenues, expenses, and dividends.
assets, liabilities, and owner’s equity.
summarizes the changes in retained earnings for a specific period of time
reports the changes in assets, liabilities, and shareholders' equity over a period of time.
reports the assets, liabilities,and shareholders' equity at a specific date.
presents total income and expenses over a specific period of time
10/13
11/13
12/13
13/13
