What does the income statement summarize?

Accounting Quiz

Quiz
•
Financial Education
•
9th Grade
•
Medium
Bassant Elassal
Used 5+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A company's marketing strategies
A company's revenues, expenses, and profits
A company's employee performance
A company's product designs
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is accounting essential for businesses?
It helps in designing new products
It ensures compliance with financial regulations
It manages employee schedules
It creates advertising campaigns
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the significance of compliance in accounting?
It ensures adherence to financial regulations and tax laws
It helps in designing new products
It manages employee schedules
It creates advertising campaigns
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula for Gross Profit?
Revenue - COGS
Revenue + COGS
Revenue x COGS
Revenue / COGS
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is considered a direct cost in the Cost of Goods Sold (COGS)?
Raw materials
Advertising
Office supplies
Insurance
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the balance sheet equation consist of?
Assets = Liabilities + Equity
Assets = Revenue + Expenses
Assets = Income - Expenses
Assets = Liabilities - Equity
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are Current Assets?
Assets expected to be converted into cash or used up within one year
Assets that provide value over time
Assets that are intangible
Assets that are depreciated
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