Income Statement
The first thing on an income statement.
Gross Profit= Sales - ____________
Cost of sales
Another name for Customs Duty
Import Tax
What is the capital of France
Paris
These show a negative number in an account
Brackets
What is the third item on the income statement
Opening stock
What is the final part of the income statement called?
Appropriation Account
Which river is the longest in the world?
The Nile
Gross Profit minus Expenses is equal to
Net Profit
What is the heading between closing stock and gross profit
Cost of Sales
What does a company pay to shareholders?
Dividends
Name the seven continents
Europe, North America, South America, Asia, Africa, Antartica
What does it mean when your expenses exceed your revenue?
Net loss?
The financial year for every company starts on January 1st.
True or False
False
Calculate depreciation of 50,000 at 10%
5,000
How many months of the year have 28 days?
All of them
What is the final figure on the income statement
Retained reserves
Retained profit from the previous year
Opening reserves
Name the first and second sections of the Income Statement
Trading account and profit and loss Account
You’re running a race and at the very end, you pass the person in 2nd place. What place did you finish the race in?
2nd place