Business Income Statements Quiz Quizlet

How does this change affect korey s monthly net income.

Business income statements quiz quizlet. The financial statement that summarizes a company s assets liabilities and shareholder s equity at a specific point of time is the balance sheet. Terms in this set 10 business income statement. To pass the quiz you will need to be familiar with related terminology. How does this change affect korey s monthly net income.

Operating profit would include which one of the following items. Income statement a level business revision quiz question list. However due to an increase in business korey has made the decision to bring on an extra hand to help run the store in the afternoons. Learn business income statement with free interactive flashcards.

The new employee will make 435 per month. Learn vocabulary terms and more with flashcards games and other study tools. This quiz worksheet combination will assess your knowledge of the purpose of income statements. Start studying business income statements.

Business at korey s comics has been good and korey expects the same business next month. Produced at the end of the the financial year and give details of the profit and loss made over the year and the worth of the business income statement profit and loss account document that records the income of a business and all costs incurred to the business to earn that income over a certain period of time ex. Learn vocabulary terms and more with flashcards games and other study tools. However due to an increase in business korey has made the decision to bring on an extra hand to help run the store in the afternoons.

Revenue is the amount of sales during a given period including discounts and returned merchandise. The formula of sales less cost of goods sold enables you to calculate. A business income statement is a document of all revenues and operating expenses for a business during a given period. The 4 financial statements are balance sheet income statement statement of cash flows and statement of owner s equity.

About this quiz worksheet. Accounting accounting quizzes. Business at korey s comics has been good and korey expects the same business next month. The new employee will make 435 per month.