Statement of Comprehensive Income
Master the Statement of Comprehensive Income
Test your knowledge and understanding of the Statement of Comprehensive Income through engaging questions! This quiz is perfect for anyone looking to strengthen their financial acumen.
Key Features:
- Multiple-choice format
- Score one point for each correct answer
- Ideal for students, teachers, and finance enthusiasts
Why is a Statement of Comprehensive Income prepared?
To show the financial position of the business
To show how much profit or loss has been made
To show how well a business is doing
What profit types are shown for a sole trader?
Gross profit and operating profit
Gross profit and net profit
Gross profit and Trading profit
Which of the following is the correct calculation for cost of goods sold?
Opening Inventory + Purchases - Closing inventory
Opening Inventory - Purchases - Closing Inventory
Opening Inventory + Purchases + Closing Inventory
The correct calculation for net profit of a sole trader is
Gross Profit - Expenses
Gross Profit + Expenses
Gross Profit - Expenses + Revenue Income
Which of the following items will not be seen in a Statement of Comprehensive Income
Interest on Loan
Discount Allowed
Cost of Asset
Accrual is a timing difference which means
Amounts owing must be added to the relevant expense in the income statement
Amounts owing must be deducted from the relevant expense in the income statement
Amounts owing will not appear in the income statement
If Joe paid rates of £1000 during the year and it includes a prepayment of £200, the correct rates figures for the income statement is
£1200
£1000
£800
The following is NOT an example of revenue income
Sales
Rent received
Rent paid
A delivery lorry costs £20,000, has a residual value of £2000 and an expected life of 10 years. What is the yearly depreciation charge?
£2000
£1000
£1800
The following is not a method of calculating depreciation
The overhead method
The Straight Line method
The Reducing Balance method
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