Basic Income Statement Questions And Answers

The statement of cash flow is required as part basic set of financial statements 6.

Basic income statement questions and answers. This guide covers questions on the income statement balance sheet cash flow statement budgeting forecasting and accounting principles financial planning analysis fp a interviews credit analyst interview questions credit analyst interview questions and answers. Question prepare the income statement statement of retained earnings and balance sheet. Green as at 31 march 2015. R1 200 000.

The following trial balance is prepared after preparation of income statement for f. Questions and answers balance sheet income statement example 1. R1 400 000 fixed assets land buildings plant equipment. Units produced and sold 420 sales 80 per unit selling price 33600 cost of goods sold 30 per unit all variable cos.

Preparation of balance sheet horizontal and vertical style. Examples of service businesses are medical accounting or legal practices or a business that provides services such as plumbing cleaning consulting design etc. See below for additional information here is additional background information here are the elimination numbers from the work paper parent ncl total a fair value given up 20 000 000 5 000 000 25 000 000 b book value received 8 400 000 2 100 000 10 500 000. Access the answers to hundreds of income statement questions that are explained in a way that s easy for you to understand.

Create an income statement for 20xx year from the following data. Get help with your income statement homework. In the absence of information about the date of repayment of a liability then it may be assumed. Question the following figures were taken from the statements of foreign developers.

If you have difficulty answering the following questions learn more about this topic by reading our income statement explanation. Green as at 31 march 2015 in both horizontal and vertical style. R600 000 15 interest current liabilities creditors plus overdraft. For multiple choice and true false questions simply press or click on what you think is the correct answer.

To convert the cost of merchandise sold as reported on the income statement to cash payments for merchandise the cost of merchandise sold is increased for the. If you want more practice with full accounting questions and answers you should get the official exercise book for this site volume 2 in the accounting basics series. Workbook has 88 questions and exercises starting from the accounting equation and basic concepts to journal entries t accounts the trial balance financial statements the cash flow statement. The income statement format above is a basic one what is known as a single step income statement meaning just one category of income and one category of expenses and prepared specifically for a service business.

If you need more questions and answers e books on subjects like bookkeeping financial.