Income Statement Questions Igcse

An income statement is a financial document of the business that records all income generated by the business as well as the costs incurred by the business and thus the profit or loss made over the financial year.

Income statement questions igcse. Question answer marks 2 g income statement statement of financial position purchase of motor vehicle 9 1. Preparation of balance sheet horizontal and vertical style. Igcse accounting books of original entry. Green as at 31 march 2015 in both horizontal and vertical style.

In the absence of information about the date of repayment of a liability then it may be assumed. Revenue cost of sales gross profit profit profit was known as net profit in the 2014 and previous syllabuses and retained profit. The following trial balance is prepared after preparation of income statement for f. 1 year income statement tells the company s managers whether the company is making a profit or a loss managers can also compare this year s income statement with last year to see if.

Questions click here. Prepare balance sheet for f. 2 1 a a successful club prepares a trading account and an income and expenditure account. Cambridge igcse cambridge international a and as level components and some cambridge o level.

Examples of service businesses are medical accounting or legal practices or a business that provides services such as plumbing cleaning consulting design etc. During our four. Answers click here. In this section you will be required to learn about.

Instructions questions on this paper. Igcse accounting capital revenue expenditure. Green as at 31 march 2015. Below you will find all the cambridge international examinations igcse accounts 0452 past paper questions categorized into topics.

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. The igcse aid team is based in the little state of kerala in south india. B the activities of the wilhelm archery club include the running of an equipment shop. Cie igcse accounting 0452 categorised past paper questions mark schemes quizes revision notes.

11 the income statement of a business showed a loss for the year of 16 000. Main features of an income statement e g. C the trading account shows a profit and the income and expenditure account shows a surplus. Which statement is true.

1 no adjustment had been made for insurance prepaid 480. July 31 income statement 1 194 july 31 bank 1 194 or wilma 194 194 14. Also known as profit and loss account. This free accounting site provides resource notes and categorized questions to help students with gcse accounts revision.

Cambridge igcse accounting 0452 11.