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In which financial statement will income and expenses appear

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Reference no: EM132906675

Problem 1: The statement of profit or loss is drawn up from the figures in the ____________.

A. General journal.
B. General ledger.
C. Statement of cash flow.
D. Trial balance.

Problem 2: How is cost of sales calculated?

A. Opening inventory - Closing inventory + Net purchases - Freight on purchases.
B. Opening inventory + Net purchases + Freight on purchases - Closing inventory.
C. Closing inventory + Net purchases + Freight on purchases - Opening inventory.
D. Net purchases + Freight on purchases - Closing inventory.

Problem 3: In which financial statement will income and expenses appear?

A. Statement of cash flow.
B. Statement of financial position.
C. statement of profit or loss and other comprehensive income.
D. Statement of changes in equity.

Problem 4: Which one of the following is not an expense?

A. Cost of sales.
B. Rent paid.
C. Interest on loan.
D. Interest on investment.

Reference no: EM132906675

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