Summary Quiz on Income Statement

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Test your accounting knowledge with this quiz on the trading account.

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Claudia Bedward

Jamaica

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Summary Quiz on Income StatementOnline version Test your accounting knowledge with this quiz on the trading account. by Claudia Bedward 1 What is the key difference between return inwards and return outwards? a Return inwards are goods purchased from suppliers, while return outwards are goods sold to customers. b Return inwards are goods returned to suppliers, while return outwards are goods returned by customers. c Return inwards are goods sold to customers, while return outwards are goods purchased from suppliers. d Return inwards are goods returned by customers, while return outwards are goods returned to suppliers. 2 How does opening and closing inventory differ in accounting? a Opening refers to the final inventory at the end of a period, while closing is the initial inventory at the start of a period. b Opening refers to the net profit at the end of a period, while closing is the gross profit at the start of a period. c Opening refers to the purchases made during a period, while closing is the sales made during a period. d Opening refers to the initial inventory at the start of a period, while closing is the final inventory at the end of a period. 3 What distinguishes carriage inward from carriage outward? a Carriage inward is the transportation cost of goods sold, while carriage outward is the transportation cost of goods purchased. b Carriage inward is the cost of goods sold, while carriage outward is the cost of goods purchased. c Carriage inward is the cost of goods returned by customers, while carriage outward is the cost of goods returned to suppliers. d Carriage inward is the transportation cost of goods purchased, while carriage outward is the transportation cost of goods sold. 4 How is net sales calculated in accounting? a Net sales = Gross sales - Sales returns - Sales allowances + Sales discounts. b Net sales = Gross sales + Sales returns + Sales allowances + Sales discounts. c Net sales = Gross sales - Sales returns + Sales allowances - Sales discounts. d Net sales = Gross sales - Sales returns. 5 What is the formula for calculating net purchases in accounting? a Net purchases = purchase + carriage inwards - returns outwards. b Purchases = Opening inventory + Net purchases + Closing inventory. c Purchases = Opening inventory - Net purchases - Closing inventory. d Purchases = Opening inventory - Net purchases + Closing inventory. 6 How is the cost of goods sold determined in accounting? a Cost of goods sold = Opening inventory + Purchases - Closing inventory. b Cost of goods sold = Opening inventory + Purchases + Closing inventory. c Cost of goods sold = Opening inventory - Purchases - Closing inventory. d Cost of goods sold = Opening inventory - Purchases + Closing inventory. 7 What does gross profit represent in accounting? a Gross profit = Net sales - Cost of goods sold. b Gross profit = Net sales - Cost of goods sold + Expenses. c Gross profit = Net sales + Cost of goods sold. d Gross profit = Net sales - Cost of goods sold - Expenses.

Summary Quiz on Income StatementOnline version

Test your accounting knowledge with this quiz on the trading account.

by Claudia Bedward

What is the key difference between return inwards and return outwards?

Return inwards are goods purchased from suppliers, while return outwards are goods sold to customers.

Return inwards are goods returned to suppliers, while return outwards are goods returned by customers.

Return inwards are goods sold to customers, while return outwards are goods purchased from suppliers.

Return inwards are goods returned by customers, while return outwards are goods returned to suppliers.

How does opening and closing inventory differ in accounting?

Opening refers to the final inventory at the end of a period, while closing is the initial inventory at the start of a period.

Opening refers to the net profit at the end of a period, while closing is the gross profit at the start of a period.

Opening refers to the purchases made during a period, while closing is the sales made during a period.

Opening refers to the initial inventory at the start of a period, while closing is the final inventory at the end of a period.

What distinguishes carriage inward from carriage outward?

Carriage inward is the transportation cost of goods sold, while carriage outward is the transportation cost of goods purchased.

Carriage inward is the cost of goods sold, while carriage outward is the cost of goods purchased.

Carriage inward is the cost of goods returned by customers, while carriage outward is the cost of goods returned to suppliers.

Carriage inward is the transportation cost of goods purchased, while carriage outward is the transportation cost of goods sold.

How is net sales calculated in accounting?

Net sales = Gross sales - Sales returns - Sales allowances + Sales discounts.

Net sales = Gross sales + Sales returns + Sales allowances + Sales discounts.

Net sales = Gross sales - Sales returns + Sales allowances - Sales discounts.

Net sales = Gross sales - Sales returns.

What is the formula for calculating net purchases in accounting?

Net purchases = purchase + carriage inwards - returns outwards.

Purchases = Opening inventory + Net purchases + Closing inventory.

Purchases = Opening inventory - Net purchases - Closing inventory.

Purchases = Opening inventory - Net purchases + Closing inventory.

How is the cost of goods sold determined in accounting?

Cost of goods sold = Opening inventory + Purchases - Closing inventory.

Cost of goods sold = Opening inventory + Purchases + Closing inventory.

Cost of goods sold = Opening inventory - Purchases - Closing inventory.

Cost of goods sold = Opening inventory - Purchases + Closing inventory.

What does gross profit represent in accounting?

Gross profit = Net sales - Cost of goods sold.

Gross profit = Net sales - Cost of goods sold + Expenses.

Gross profit = Net sales + Cost of goods sold.

Gross profit = Net sales - Cost of goods sold - Expenses.

Summary Quiz on Income Statement

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Summary Quiz on Income StatementOnline version

by Claudia Bedward

What is the key difference between return inwards and return outwards?

How does opening and closing inventory differ in accounting?

What distinguishes carriage inward from carriage outward?

How is net sales calculated in accounting?

What is the formula for calculating net purchases in accounting?

How is the cost of goods sold determined in accounting?

What does gross profit represent in accounting?