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
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
Which of the following is NOT typically included in the cost of goods sold (COGS)?
Materials
Labor
Operating expenses
Manufacturing overhead
Manufacturing overhead
Company's profitability
Company's financial position at a specific point in time
Company's operating activities
Company's revenue
What represents the residual interest in the assets of a company?
Total assets
Total liabilities
Shareholders' equity
Net profit
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
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
Which financial statement includes items like retained earnings and contributed capital?
Trading account
Balance sheet
Income statement
Cash flow statement
What represents the difference between total revenue and total expenses?
Gross profit
Net profit (or loss)
Operating profit
Retained earnings
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