Find the term to match the meaning below:
Money the business receives from customers from selling their goods and services
Higher Accounting - Income Statement Terminology
Quiz
•
Business
•
5th Grade
•
Medium
Chantelle Scott
Used 23+ times
FREE Resource
12 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Find the term to match the meaning below:
Money the business receives from customers from selling their goods and services
Gross profit
Sales revenue
Sales returns
Warehouse expenses
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Find the term to match the meaning below:
Total value of goods returned to the business for customers (e.g. because the goods sold were faulty)
Sales returns
Purchase returns
Carriage in
Warehouse expenses
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Find the term to match the meaning below:
The figure that arises from deducting sales returns from sales revenue (i.e. sales revenue - sales returns = ?)
Opening inventory
Net sales
Cost of sales
Gross profit
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Find the term to match the meaning below:
Inventory carried forward from the previous accounting period
Opening Inventory
Purchases
Closing Inventory
Carriage In
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Find the term to match the meaning below:
Total value of inventory purchased from suppliers by the business for resale
Purchases
Closing Inventory
Other Income
Expenses
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Find the term to match the meaning below:
A charge added to purchases when the supplier delivers inventory to the business's premises. It is sometimes referred to as a delivery charge
Carriage in
Carriage way
Carriage out
Carriage car
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Find the term to match the meaning below:
Total value of inventory returned to suppliers by the business, (e.g. when the wrong goods are delivered by the supplier or a greater quantity than ordered is delivered)
Carriage in
Purchase returns
Sales returns
Carriage out
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