Podcast
Questions and Answers
What is the primary aim of a business?
What is the primary aim of a business?
- To increase revenue
- To make a profit (correct)
- To maximize expenses
- To minimize losses
In a trading account, what is the difference between the income and expenses?
In a trading account, what is the difference between the income and expenses?
- Revenue
- Gross profit (correct)
- Net profit
- Loss
What is the term often used instead of 'sales' in the trial balance and IS?
What is the term often used instead of 'sales' in the trial balance and IS?
- Gross profit
- Revenue (correct)
- Income
- Profit
In a vertical format, what does the heading of a trading account section look like?
In a vertical format, what does the heading of a trading account section look like?
What is the profit and loss account concerned with?
What is the profit and loss account concerned with?
What is the format of a trading account that looks more like an arithmetic calculation?
What is the format of a trading account that looks more like an arithmetic calculation?
What type of account is B Dawg's account classified as in the context of the business?
What type of account is B Dawg's account classified as in the context of the business?
What is the purpose of preparing a trial balance?
What is the purpose of preparing a trial balance?
What happens when the debit side of a ledger account is heavier than the credit side?
What happens when the debit side of a ledger account is heavier than the credit side?
What is the term for the process of bringing down the balance from the previous month?
What is the term for the process of bringing down the balance from the previous month?
What is a trade creditor also known as?
What is a trade creditor also known as?
What is the outcome when total debits do not equal total credits in the trial balance?
What is the outcome when total debits do not equal total credits in the trial balance?
What is the primary purpose of financial statements in different organisations?
What is the primary purpose of financial statements in different organisations?
What is the main difference between Trading Account and Profit and Loss Account?
What is the main difference between Trading Account and Profit and Loss Account?
What is the formula to calculate the Cost of Goods Sold (COS)?
What is the formula to calculate the Cost of Goods Sold (COS)?
What is the purpose of preparing a Balance Sheet?
What is the purpose of preparing a Balance Sheet?
What type of business organisation is characterised by unlimited liability?
What type of business organisation is characterised by unlimited liability?
What is the main difference between a trading business and a manufacturing business?
What is the main difference between a trading business and a manufacturing business?
