Income Statement & Balance Sheet
Quiz by Jenna La Croix
Feel free to use or edit a copy
includes Teacher and Student dashboards
Measure skillsfrom any curriculum
Measure skills
from any curriculum
Tag the questions with any skills you have. Your dashboard will track each student's mastery of each skill.
With a free account, teachers can
- edit the questions
- save a copy for later
- start a class game
- view complete results in the Gradebook and Mastery Dashboards
- automatically assign follow-up activities based on students’ scores
- assign as homework
- share a link with colleagues
- print as a bubble sheet
Our brand new solo games combine with your quiz, on the same screen
Correct quiz answers unlock more play!
30 questions
Show answers
- Q1What MAIN need of an owner is satisfied by the preparation of financial statements?helping to decide whether to extend credit facilitieshelping to assess whether to negotiate for increased wages for employeesgetting information included in the Gross Domestic Product (GDP)determining if the business is profitable60s
- Q2What category of user requires information about the business' ability to repay its short-term obligations?DebtorsGovernmentCreditorsOwners60s
- Q3Which financial statement of a business shows the business' financial performance?Balance SheetAppropriation a/cCash Flow StatementIncome Statement60s
- Q4Which financial statement of a business shows the business' financial position?Balance SheetCash Flow StatementIncome StatementAppropriation a/c60s
- Q5Which of the following represents Opening Inventory added to Net Purchases?Gross profitTotal expensesCost of goods soldCost of goods available for sale60s
- Q6What is the name of the figure from which closing stock is subtracted?Cost of goods available for saleCost of goods soldOpening InventoryNet Purchases60s
- Q7Which of the following represents the figure obtained when Closing Stock is deducted in the Income Statement?Gross profitNet salesCost of salesNet income60s
- Q8Another name for transportation on purchases isReturns InwardsCarriage InwardsCarriage OutwardsReturns Outwards60s
- Q9Returns Inwards isadded to Purchasesadded to Salessubtracted from Purchasessubtracted from Sales60s
- Q10Returns Outwards issubtracted from Salesadded to Salesadded to Purchasessubtracted from Purchases60s
- Q11Demerara Supermarket provides a delivery service to customers. The supermarket pays the drivers for delivering the groceries to the customers. What is the cost to Demerara Supermarket called?Returns OutwardsCarriage OutwardsReturns InwardsCarriage Inwards60s
- Q12Discount allowed is listed asrevenue in the Income Statementa current liability in the Balance Sheetexpense in the Income Statementa current asset in the Balance Sheet60s
- Q13Which equation represents Gross Profit?Net Sales - Cost of salesNet Sales - Net PurchasesNet Sales - Cost of goods available for saleNet Purchases - Net Sales60s
- Q14Which equation represents Net Profit?Net Sales - Cost of goods soldNet Sales - Gross ProfitGross Profit - Total expensesGross Profit - Cost of goods sold60s
- Q15Motor vehicles are listed as aNon-current asset in the Balance SheetNon-current Liability in the Balance SheetCurrent Liability in the Balance SheetCurrent Asset in the Balance Sheet60s