Income Statement Vocabulary Frog Jump

Froggy Jumps

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Define components of the Income statements

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Racquel Diaz

Trinidad y Tobago

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Income Statement Vocabulary Frog Jump


Froggy Jumps Income Statement Vocabulary Frog JumpVersión en línea Define components of the Income statements por Racquel Diaz 1 1. What is Sales? a Goods returned to the business by customers. b Money spent buying goods from suppliers. c Money earned from selling goods to customers. 2 2. What are Purchases? a Goods sold by a business to customers. b Goods remaining unsold at the end of the year. c Goods bought by a business for resale. 3 3. What are Returns Inwards? a Goods purchased from another business. b Goods returned by the business to suppliers. c Goods returned by customers to the business. 4 4. What are Returns Outwards? a Goods sold on credit to customers. b Goods returned by the business to suppliers. c Goods returned by customers to the business. 5 5. What is Carriage Inwards? a Cost of transporting goods purchased for resale. b Cost of storing goods in the warehouse. c Cost of delivering goods sold to customers. 6 6. What is Carriage Outwards? a Cost of delivering goods sold to customers. b Cost of transporting goods from suppliers. c Cost of returning goods to suppliers. 7 7. What is Inventory? a Equipment used to operate the business. b Goods available for sale by the business. c Money received from selling goods. 8 8. What is Opening Inventory? a Goods on hand at the end of the year. b Goods purchased during the accounting period. c Goods on hand at the beginning of the year. 9 9. What is Closing Inventory? a Goods remaining unsold at the end of the year. b Goods sold to customers during the year. c Goods available at the beginning of the year. 10 10. What are Net Purchases? a Sales after deducting Returns Inwards. b Inventory after adding Carriage Inwards. c Purchases after deducting Returns Outwards. 11 11. What is an Income Statement? a A financial statement showing profit or loss. b A financial statement listing assets and liabilities. c A financial statement showing cash received and paid. 12 12. What is Revenue? a Income earned from normal business activities. b Expenses paid to operate the business. c Money invested by the owner in the business. 13 13. What is Cost of Sales? a The cost of operating the business each day. b The cost of purchasing business equipment. c The cost of goods sold during the year. 14 14. What is Gross Profit? a Revenue less Operating Expenses. b Total assets less total liabilities. c Revenue less the Cost of Sales. 15 15. What are Operating Expenses? a Costs incurred to run the business daily. b Costs incurred when buying fixed assets. c Costs incurred to purchase inventory only. 16 16. What is Profit for the Year? a Total sales before deducting any expenses. b Final profit after all income and expenses. c Value of inventory remaining at year-end.

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Income Statement Vocabulary Frog Jump

Froggy Jumps

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Income Statement Vocabulary Frog JumpVersión en línea

por Racquel Diaz

1. What is Sales?

2. What are Purchases?

3. What are Returns Inwards?

4. What are Returns Outwards?

5. What is Carriage Inwards?

6. What is Carriage Outwards?

7. What is Inventory?

8. What is Opening Inventory?

9. What is Closing Inventory?

10. What are Net Purchases?

11. What is an Income Statement?

12. What is Revenue?

13. What is Cost of Sales?

14. What is Gross Profit?

15. What are Operating Expenses?

16. What is Profit for the Year?