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1
What are the three main financial information take from an income statement of a company?
Revenues, Expenses and Profits
Assets, Liabilities and Shareholders equity
Operating activities, Gross income and Loss
Retained earnings, How a company finance its self, Long-term debt
2
The Income Statement shows:
The financial performance of the business.
The cash flow of the business.
The financial position of the busines
The financial performance and the financial position of the business.
3
Amounts earned by a company in its main operating activities are the GAINS.
False
True
4
Net sales minus the cost of goods sold equals to:
Net income
Operation Income
Gross profit
Operating Expenses
5
Gross profit minus Operating Expenses is best defined as:
Operating Profit
Net Sales
Net income
Total Assets
6
The income statement will specify which of the following?
A period of time
A point in time
7
Is it acceptable that some of the expenses reported on the income statement be estimates?
Yes
No
8
Determine the Gross profit and the net profit in the following figure:
$600,000 & $200,000
$600,000 & $150,000
$750,000 & 200,000
600,000 & $250,000
