Income Statements

An accounting report that is used to show revenue and expenses is the

• Loss and Profit Statement

• Reveune and Expenses Statement

• The Profit or Loss Statement

• The Income Statement

The Qualitative characteristics that need to be considered when preparing an Income Statement are...

• comparability and understandability

• relevance and reliability

• relevance and understandability

• comparability and relevance

The main purpose of an Income statement is to...

• calculate profit or loss

• provide information in an informative manner

Profitability is....

• Revenue less expenses

• When a business makes a profit

• a comparison of profit earned with an investment made

• when revenue is higher than expenses

Return on Assets is ....

• profit greater than assets

• assets greater than profit

• a comparison of total profit to total assets

• a measure of the owner's investment

ROI stands for

• Return on Interest

• Return on other than investment

• Return on Owner's Investment

• Return on Owner's Interest

COGS stands for

• cost of goods sales

• cost of goods serviced

• cost of goods sold

The difference between sales and Gross profit is

• cost of sales

• cost of goods sold

• adjusted gross profit

• gross profit

After Gross profit you have...

• less Other Expenses

• add other Revenue

• Adjusted Gross Profit

Cartage Outwards is part of COGS

• True

• False