Income Statements Question Preview (ID: 38071)


Test Your Knowledge Of Key Terms. TEACHERS: click here for quick copy question ID numbers.

Term used to describe money received from goods sold.
a) Sales
b) Sales Revenue
c) Revenue
d) Sales Returns

This section works out the cost of the goods you sold
a) Net Sales Revenue
b) Cost of Sales
c) Cost of Purchases
d) Cost of Warehouse Expenses

This term describes if the cost of goods sold was less than net sales revenue
a) Sales Revenue
b) Gross Profit
c) Gross Loss
d) Net profit

Cost of inventory available for sale is calculated by
a) subtracting sales returns from sales revenue
b) adding carriage in to purchases
c) adding opening inventory and net purchases
d) deducting purchase returns from purchases

Where your stock may be stored would be described as
a) inventory
b) shop
c) warehouse
d) stock

When cost of sales is greater than net sales, this means the company
a) has sold lots
b) made a gross profit
c) returned stock to suppliers
d) made a gross loss

Carriage in describes
a) delivery costs
b) ICT costs
c) warehouse costs
d) rent costs

Net sales is calculated by
a) Adding Opening Inventory and Purchases
b) Subtracting closing inventory from total cost of stock available
c) Deducting Sales Returns from Sales
d) Adding carriage in to purchases

The stock you have at the end of the year is called
a) opening inventory
b) inventory at the start
c) closing stock
d) closing inventory

All accounts must start with
a) the date
b) the name of the company
c) the name of the company, type of account and date
d) type of account

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