Higher Accounting - Income Statement Terminology

Higher Accounting - Income Statement Terminology

5th Grade

12 Qs

quiz-placeholder

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Higher Accounting - Income Statement Terminology

Higher Accounting - Income Statement Terminology

Assessment

Quiz

Business

5th Grade

Medium

Created by

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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