accounting

What is the total amount of money a company has earned after deducting all its expenses, taxes, and other costs from its total revenue?

• Net Income

• Gross Income

• Operating Profit

• Net Loss

What is the total amount of money a company earns through its primary business activities, such as sales of goods or services, interest, and dividends?

• Net Income

• Revenue

• Cost of Sales

• Gross Profit

What is the profit earned from the core business operations before deducting other expenses?

• Net Income

• Gross Income

• Net Loss

• Operating Profit

What is the profit a company makes from its regular business operations by subtracting its operating expenses from its gross profit?

• Net Loss

• Net Income

• Gross Income

• Operating Profit

What is the revenue a company retains after deducting the direct costs of producing goods or services sold?

• Gross Income

• Net Loss

• Net Income

• Gross Profit

When does a net loss occur for a company?

• When the total revenue exceeds the total expenses

• When the total expenses exceed the total revenue

• When the total revenue is less than the total expenses

• When the total revenue equals the total expenses

What is the period for which a company prepares its financial statements?

• Closing Inventory

• Opening Inventory

• Trading Account

• Accounting Year

What does the term 'Cost of Sales' include?

• Material costs, labor costs, and manufacturing overhead

• Interest and dividends

• Operating expenses

• Gross profit

What does 'Opening Inventory' refer to?

• The overall financial condition of a company

• The remaining amount in an account after all debits and credits have been accounted for

• The value of the inventory at the end of an accounting period

• The value of the inventory at the beginning of an accounting period

What does 'Balance' refer to in accounting?

• The remaining amount in an account after all debits and credits have been accounted for

• The total revenue of a company

• The total expenses of a company

• The overall financial condition of a company