18 Questions
Match the following terms with their descriptions:
Revenue = Inflows of resources during ordinary operating activities Net Income = The resulting amount after subtracting expenses from revenues Expenses = Outflows of resources incurred to generate revenue Gains = Positive results from non-operating activities
Match the following statements with the correct elements of a statement of income:
Identify the elements of a statement of income and the relationship that exists among the elements. = Revenue, Expenses, Gains, Losses Discuss the different components of an income statement. = Revenues, Expenses, Net Income Define business operating activities and the types of business operations. = Services, Retailing, Wholesaling, Manufacturing
Match the following with their definitions:
Non-profit organizations or foundations = Entities that do not aim to earn profit Revenue accounts = Accounts used to record incoming resources from ordinary operations Expense accounts = Accounts used to record outflows incurred to generate revenue Net loss = Resulting amount when expenses exceed revenues
Match the business operation with its description:
Service = Business involved in selling services Merchandising = Business that buys inventory to resell Manufacturing = Business that converts raw materials into products
Match the example with the type of business operation:
Doctor practicing profession = Service National Bookstore = Merchandising San Miguel Corporation = Manufacturing
Match the business with its primary activity:
Day-care center = Service Online retailer like Lazada = Merchandising Samsung = Manufacturing
Match the term with its definition:
Revenue = Inflows of resources during operating activities
Match the following authors with their book titles:
Jimenez, C.E., Palo, R.R, & Ocampo, L.B. (2017) = Fundamentals of Accounting 2: Theory and Practice Jimenez, C.E., & Ocampo, L.B. (2015) = Fundamentals of Accounting, Quicknotes and Exercises
Match the following resources with their content type:
Income Statement (explanation); https://www.accountingcoach.com/incomestatement/explanation; 10 April 2017 = Online Supplementary Reading Materials Basic relationship of financial statement: http://accountingsimplified.com/financial/statements/links-and-relationships.html = Online Supplementary Reading Materials Income Statement Explained: Comprehensive Income Statement Tutorial - Profit & Loss Statement; https://www.youtube.com/watch?v=EdHQ646zrDI&feature=youtu.be; 23 March 2017 = Online Instructional Videos Course Module =
Match the following topics with their section in the book:
Statement of Comprehensive Income Part I = References and Supplementary Materials = Books and Journals =
Match the following terms with their definitions:
Gains = Inflow of resources not arising from main activity Expenses = Outflows of resources during ordinary operating activities Losses = Outflow of resources not arising from main activity Net Profit = Revenues and gains greater than expenses and losses
Match the following terms with their descriptions:
Net Loss = Outflow of resources not arising from main activity Course Module Cost of Goods Sold = Direct costs of production of goods Gross Profit = Difference between revenue and cost of goods sold Gains = Inflow of resources not arising from main activity
Match the following terms with their examples:
Expenses = Costs incurred during ordinary operating activities Losses = Selling an investment below its book value Net Profit = Successful business operations period Course Module Cost of Goods Sold = Direct costs of production
Match the following terms with their categorizations:
Course Module Cost of Goods Sold = Direct costs Gross Profit = Financial performance indicator Net Loss = Outflow not from main activity Gains = Inflow from incidental activities
Match the following account titles with their respective descriptions:
Service income = Revenue account title for service businesses Sales = Account title frequently used by merchandisers and manufacturers Gain from sale of equipment = Account title for gains arising from selling old equipment above book value Cost of goods sold = Expense account title used by merchandising businesses
Match the following terms with their definitions:
Expenses = Outflows of resources during ordinary operating activities Loss from the sale of investment = Account title for losses arising from selling an investment below book value Cost of services = Expense account title used by service businesses Sales revenue = Revenue account title frequently used by merchandisers and manufacturers
Match the following activities with their associated financial impact:
Gains = Result in an inflow of resources from incidental activities Losses = Result in an outflow of resources from incidental activities Expenses = Outflows of resources during normal business operations Revenues = Inflows of resources from primary business activities
Match the following descriptions with the appropriate financial term:
Selling old equipment above book value = Gain from sale of equipment Using assets in the normal course of business = Expenses Selling an investment below book value = Loss from the sale of investment Inflows from primary business activities = Revenues
Learn about the elements of a statement of income and their relationships in this module. Understand the importance of income for businesses, whether they are for-profit or non-profit organizations.
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