Income statement

Income statement

Professional Development

9 Qs

quiz-placeholder

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Income statement

Income statement

Assessment

Quiz

Business

Professional Development

Practice Problem

Medium

Created by

Ahmed Aziz

Used 3+ times

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9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Income statement reports financial data

in a specific point in time

during a period of time

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Income statement is NOT called

Cash flow statement

P&L statement

Statement of profit and loss

Statement of revenue and expense

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In income statement only revenues paid cash will be recorded

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Revenues = 1000

COGS = 500

Gross profit= ?

Can't tell

1500

500

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Revenues = 2000

Net income = 900

Cost of goods sold = 700

Operating expenses =?

1300

1100

200

400

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

If operating expenses increased by 10,000, then gross profit will

Increase by 10,000

decrease 10,000

stay the same

7.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

if total expenses exceeds total revenues, the company will report....

net income

net loss

gross loss

gross profit

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