CAMD CCA 3

Statements prepared to indicate the profit or loss and financial position of the business are called:

• • Bank Reconciliation Statements

• Financial Statements

• • Trial Balance

• • All of these

The account showing the gross profit or gross loss of the business is called:

• • Profit and Loss Account

• Trading Account

• Trial Balance

• Balance sheet

The financial statement that summarizes the revenues and expenses over a specific period is known as:

• • Statement of Changes in Equity

• • Cash Flow Statement

• Income Statement

• • Balance Sheet

The document that provides a snapshot of a company's assets, liabilities, and equity at a specific point in time is called:

• • Cash Flow Statement

• • Trial Balance

• • Income Statement

• Balance Sheet

Closing stock is recorded in the:

• Profit and Loss Account

• 
  Trading Account and Balance Sheet

• Balance Sheet Only

• None of the above

The account that reflects the net income or net loss of a business after all expenses have been deducted is called:

• Trial Balance

• Balance Sheet

• Trading Account

• Profit and Loss Account

Carriage outward is an example of:

• Direct Expenses

• Indirect Expenses

• Indirect Income

• Direct Income

Discount received is an example of:

• Indirect Income

• Direct Income

• Net Income

• General Income

Properties, items, and receivables with certain value that are owned by a business are called:​

• Assets
• Liabilities
• Goods

• Money

Assets that physically exist are called:

• Tangible Assets

• 
  Fictitious Assets

• Contingent Assets

• • Intangible Assets