17. Which financial statement displays the revenues and expenses of a company for a period of time?
18. Accounting is the information system that___________
19. Which of the following should not be called ‘Sales’?
20. The resources owned by a business are called ____________:
21. The total of the Purchases Journal is transferred to the:
22. Bank overdraft is:
23. Net profit is calculated in the:
24. Gross profit is:
b. Net profit less expenses of the period
c. Cost of goods sold + opening inventory
d. Excess of sales over cost of goods sold
Profit & Loss Account or Statement of Profit & Loss displays Revenues and Expenses.
Therefore, Statement of Profit or Loss
Accounting is the system of recording all the transactions and making reports to analyze hiw business is running and to take important decisions.
Therefore, All of the Above.
Sales includes any type of sale of GOODS in which the entity does its business. Sale of fixtures is not Sales. It is sale if asset.
Therefore, Office Fixtures Sold.
Resources that business own are its assets.
Note: As per Guidelines, we are supposed to answer ONLY 4 SUB QUESTIONS.
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