Income Statement Practice Questions Pdf

Green as at 31 march 2015 in both horizontal and vertical style.

Income statement practice questions pdf. Is there a plan to replace funding. 1 2 the income statement unlike the balance sheet which tells us the state of the fi rm at one point in time the income statement tells us how the fi rm has performed over a period of time. Is dependance on primary funder increasing or decreasing year over year. Must give their attention to the supporting schedules.

This statement is a condensed version of the more detailed income statement presented in illustration 4 2. Answer all three compulsory sub questions in section b on pages 6 to 8. Financial accounting in practice. Income statement practice questions and answers pdf.

Prepare balance sheet for f. The following trial balance is prepared after preparation of income statement for f. For multiple choice and true false questions simply press or click on what you think is the correct answer. Income statement revenues and expenses 3.

Income statement revenues and expenses 3. Statement of changes in shareholder s equity contributed capital and retained earnings statement of retained earnings 4. Illustration 4 2 income statement. Components of an income statement skills practiced.

Revenue questions to ask. Statement of cash flows balance sheet financial statement that presents the financial position of the company on a particular date. Identify the letter of the choice that best completes the statement or answers the question. Practical questions and answers for students.

How diversified is the funding i e. It is more rep resentative of the type found in practice. Examples of service businesses are medical accounting or legal practices or a business that provides services such as plumbing cleaning consulting design etc. 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.

Which funding is single year. For example consider the income statement shown in illustration 4 3 for boc hong company. Students will practice the following skills. Preparation of balance sheet horizontal and vertical style.

Information recall access the knowledge you ve gained regarding the meaning of various terms found. Green as at 31 march 2015. If you have difficulty answering the following questions learn more about this topic by reading our income statement explanation. In the absence of information about the date of repayment of a liability then it may be assumed.

Financial statement and ratio analysis lo1 the financial statements 1 2 the income statement. For fill in the blank questions press or click on the blank space provided.