Income Statement Practice Quiz

About this quiz worksheet.

Income statement practice quiz. This lesson covers the following objectives. For fill in the blank questions press or click on the blank space provided. Is a merchandising company that uses the periodic inventory system. Finish the quiz and head over to the related lesson preparing the basic income statement and statement of retained earnings.

Practice questions multiple choice identify the choice that best completes the statement or answers the question. Choose your answers to the questions and click next to see the next set of questions. Income statement practice quiz print pdf. For fill in the blank questions press or click on the blank space provided.

To pass the quiz you will need to be familiar with related terminology. For multiple choice and true false questions simply press or click on what you think is the correct answer. Income statement questions and answers test your understanding with practice problems and step by step solutions. Our quiz and worksheet is made up of questions on the operations of an income statement that you can access from any mobile device or computer at your leisure.

Practice questions multiple choice identify the choice that best completes the statement or answers the question. Income statement practice formulas. About this quiz worksheet. If you have difficulty answering the following questions learn more about this topic by reading our financial statements explanation.

1 total revenue cost of goods sold gross profit 2 salaries rent utilities advertising insurance depreciation taxes total operating expenses 3 gross profit total operating expenses taxes net profit use the following to complete an income statement for the t shirt crew. Balance sheet income statement practice questions. Preparing the income statement chapter exam instructions. Sales 500 000 purchases 225 000.

This quiz worksheet combination will assess your knowledge of the purpose of income statements. For multiple choice and true false questions simply press or click on what you think is the correct answer. Selected account balances are listed below.