Financial Statements of a Sole Trader (Grade 10 NSC Matric Accounting): Quizzes
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Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
Which stakeholder uses financial statements to ensure the business pays the correct tax?
Which stakeholder uses financial statements to ensure the business pays the correct tax?
SARS
What are the two main financial statements that give a full picture of business health?
What are the two main financial statements that give a full picture of business health?
Income Statement and Balance Sheet
What does the Income Statement show?
What does the Income Statement show?
Performance over a period of time
When does a business make a net profit?
When does a business make a net profit?
When total income exceeds total expenses
What is the fundamental accounting equation for the Balance Sheet?
What is the fundamental accounting equation for the Balance Sheet?
What is 'discount received' in an Income Statement?
What is 'discount received' in an Income Statement?
Savings when paying suppliers early
Which of these is an operating expense?
Which of these is an operating expense?
Depreciation
How is gross operating income calculated?
How is gross operating income calculated?
Total of all operating income sources
What does (xxx) in brackets mean on an Income Statement?
What does (xxx) in brackets mean on an Income Statement?
Deductions or expenses
If operating profit is R42,000, interest income R2,000 and interest expense R1,500, what is net profit?
If operating profit is R42,000, interest income R2,000 and interest expense R1,500, what is net profit?
R42,500