Income Statement Related Questions

Preparation of balance sheet horizontal and vertical style.

Income statement related questions. For multiple choice and true false questions simply press or click on what you think is the correct answer. Relevance of questions relevance of questions will result in the variation of response rates for your survey. If your research does not need in depth information on the individual s income avoid asking too many income related questions. Questions 7 10 below relate to the income statement for a trading business.

Test your knowledge of the financial statements with multiple choice questions and quizzes. Access the answers to hundreds of income statement questions that are explained in a way that s easy for you to understand. The profit or loss is determined by taking all revenues and subtracting all expenses from both operating and non operating activities this statement is one of three statements used in both corporate finance including financial modeling and accounting. Income statement format that separates cost of goods sold into categories.

Test your knowledge of the financial statements with multiple choice questions and quizzes. Green as at 31 march 2015 in both horizontal and vertical style. 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.

Examples of service businesses are medical accounting or legal practices or a business that provides services such as plumbing cleaning consulting design etc. Sales 920 000 cost of goods sold 320 000 gross profit other income 50 000 salaries 220 000 advertising 100 000 rent 80 000. Get help with your income statement homework. 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.

2 19 add solution to cart remove from cart. The income statement is one of a company s core financial statements that shows their profit and loss over a period of time. Which of the following statements are true. Prepare balance sheet for f.

Logan corp s trial balance of income statement accounts for the year ended december 31 2014 included the following. Debit credit sales revenue 280 000 cost of goods sold 150 000 administrative expenses 40 000 loss on disposal of equipment 18 000 sales commission expense 16 000 interest revenue 10 000 freight out 6 000 loss due to earthquake. Had the following figures in its income statement. The solution answers 40 multiple choice questions related to balance sheet income statement perpetual invenotyr system periodic inventory system bank reconciliation etc.

Standard detailed expanded multi step. For example personal income or household income etc.