True or False…? MFP Week 6

A Trial Balance shows the profits and losses of a business.

• TRUE

• FASLE

1. ​

2. There are two sections for a Profit & Loss Statement?

• TRUE

• FALSE

The Profit & Loss Statement summarises the income and expenditure of a business over PERIOD OF TIME

• TRUE

• FALSE

Which of these do NOT appear in the Section 1 (GROSS PROFIT/TRADING ACCOUNT SECTION) of the P&L? 

• Sales Revenue / Turnover

• Purchases

• Net Profit

• Cost of Sales

Which of these appear in the Section 2 of P&L?

• Sales Revenue / Turnover

• Closing Stock

• Cost of Sales

• Marketing