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Class 11th ACCOUNTS Financial Statements Quiz

6 Questions

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Class 11th ACCOUNTS Financial Statements Quiz

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Questions and Answers

Which financial statement reports the financial position of a business at a specific point in time?

Cash flow statement

Income statement

Statement of changes in equity

Balance sheet (correct)

What is the formula to calculate gross profit?

Net sales - Cost of goods sold (correct)

Operating income + Non-operating income

Net income - Operating expenses

Net profit margin / Net sales

What does the term 'accrual' refer to in accounting?

Expenses paid in advance

Revenue earned but not yet received (correct)

Cash paid after it is earned

Cash received before it is earned

Which financial statement summarizes a company's revenues and expenses over a period of time?

Income statement Signup and view all the answers

What is the purpose of the statement of owner's equity?

To show changes in the owner's investment in the business Signup and view all the answers

What is the main purpose of the balance sheet?

To report the company's assets, liabilities, and equity at a specific point in time Signup and view all the answers

Class 11th ACCOUNTS Financial Statements Quiz

Choose a study mode

Podcast

Questions and Answers

Which financial statement reports the financial position of a business at a specific point in time?

What is the formula to calculate gross profit?

What does the term 'accrual' refer to in accounting?

Which financial statement summarizes a company's revenues and expenses over a period of time?

What is the purpose of the statement of owner's equity?

What is the main purpose of the balance sheet?

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