SCI (BKJ)

Which of the following equations are correct about the second segment of the Statement of Comprehensive Income?

• Net Profit = Gross Profit - Other Income + Operating Expenses

• Net Profit = Gross Profit - Other Income - Operating Expenses

• Net Loss = Gross Profit + Other Income - Operating Expenses

• Net Loss = Gross Profit - Other Income + Operating Expenses

What operating expenses does the Statement of Comprehensive Income include?

• General and Administrative Expenses

• Other Expenses

• Financial Expenses

• Selling and Distribution Expenses

You sold 100 units of sofa at $1,000 each to a customer. You issued a 2% sales discount to the customer. Each sofa costs you $400 to make. What are the amounts of the Sales, Cost of Goods Sold and Gross Profit?

• Sales: $100,000

  Cost of Goods Sold: $40,000

  Gross Profit: $60,000

• Sales: $100,000

  Cost of Goods Sold: $39,200

  Gross Profit: $60,800

• Sales: 98,000

  Cost of Goods Sold: 40,000
  Gross Profit: 58,000

Which items are related to Selling and Distribution Expenses?

• Depreciation - Delivery Vehicles

• Repairs & Maintenance

• Entertainment Expenses

• Utilities

Which items are related to Financial Expenses?

• Finance Department's Salary

• Interest on Loan

• Building Insurance

• Legal fees on loan application

Which items are related to General and Administrative Expenses?

• Utilities

• Salaries and Wages

• Miscellaneous Expenses

• Bank Charges

What is the equation for Cost of Goods Sold (Cost of Sales)?

Cost of Goods Sold (Cost of Sales) =

• Opening Inventory - Total Purchases + Closing Inventory

• Opening Inventory + Total Purchases - Closing Inventory

• Closing Inventory - Opening Inventory - Total Purchases

• Closing Inventory - Opening Inventory + Total Purchases

What is the purpose of the Statement of Comprehensive Income?

• To predict future financial performance

• To outline the company's organisational structure

• To provide a summary of a company's financial performance over a specific period

• To summarise the company's marketing strategies