Forms of trial balance - JSS3 Business studies Past Questions and Answers - page 1
What does the trading account primarily show?
Net profit
Gross profit (or loss)
Operating expenses
Long-term liabilities
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What is the main purpose of the profit and loss account?
To determine total assets
To calculate net profit (or loss)
To list fixed assets
To identify current liabilities
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Which of the following is NOT typically included in the cost of goods sold (COGS)?
Materials
Labor
Operating expenses
Manufacturing overhead
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Manufacturing overhead
Company's profitability
Company's financial position at a specific point in time
Company's operating activities
Company's revenue
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What represents the residual interest in the assets of a company?
Total assets
Total liabilities
Shareholders' equity
Net profit
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Which financial statement shows the revenues and expenses over a specific period?
Balance sheet
Trading account
Income statement (profit and loss account)
Cash flow statement
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What is the purpose of the trading account?
To calculate net profit
To determine the gross profit (or loss)
To list current assets
To identify long-term liabilities
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Which financial statement includes items like retained earnings and contributed capital?
Trading account
Balance sheet
Income statement
Cash flow statement
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What represents the difference between total revenue and total expenses?
Gross profit
Net profit (or loss)
Operating profit
Retained earnings
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What do assets represent in the balance sheet?
Resources owned or controlled by the company
Company's obligations or debts
Total financing of the company's assets
Shareholders' residual interest
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