Income Statement Practice Questions And Answers

Practice questions multiple choice identify the choice that best completes the statement or answers the question.

Income statement practice questions and answers. The following practice questions ask you to calculate annual net income with and without cash dividends. Green as at 31 march 2015 in both horizontal and vertical style. If you have difficulty answering the following questions learn more about this topic by reading our income statement explanation. For multiple choice and true false questions simply press or click on what you think is the correct answer.

Browse through all study tools. The following trial balance is prepared after preparation of income statement for f. Selected account balances are. Identify the letter of the choice that best completes the statement or answers the question.

In the absence of information about the date of repayment of a liability then it may be assumed. Financial accounting in practice. Skip breadcrumb navigation home. Practical questions and answers for students.

Preparation of balance sheet horizontal and vertical style. Practice questions at the end of its first year a company estimates its. Green as at 31 march 2015. Is a merchandising company that uses the periodic inventory system.

Answer all three compulsory sub questions in section b on pages 6 to 8. When you calculate a company s annual net income you have to consider the company s assets liabilities and whether cash dividends or new stock have been issued. Income statement revenues and expenses 3. Income statement questions and answers test your understanding with practice problems and step by step solutions.

No frames version chapter 4. Preparing the income statement chapter exam instructions. For fill in the blank questions press or click on the blank space provided. Prepare balance sheet for f.

Choose your answers to the questions and click next to see the next set of questions. Examples of service businesses are medical accounting or legal practices or a business that provides services such as plumbing cleaning consulting design etc.