Statement of Comprehensive Income

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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

10 Questions2 MinutesCreated by CalculatingWhale27

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

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

Statement of Comprehensive Income

Master the Statement of Comprehensive Income

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