Based on long-term organisational objectives, assessed against future business performances and focused on short-term operational targets. These definitions are referred to: Budgets Revenues and Expenses Sales Commissions Gross Profits.
Profit & Loss Account is the same as Income statement Statement of Financial Position Statement of Cash-flow Balance Sheet.
Statement of the Financial Position is also known as Balance Sheet Balanced Scorecard Cashflow Statement Income Statement.
Assets equals Equity plus Liabilities is The Accounting Equation The definition of Accounting
The formula for Profits
The correspondence of credit entry in a financial transaction.
The additional costs built into an expenditure budget to guard against overspending is known as Budget slack Wage Hidden Spare Money Budget strategy .
The isolation of different causes for the discrepancy in revenue and expenses over a given period from initial targets could be Variance Analysis Depreciation Isolated Revenue Accruals.
Method of allocating the cost of a tangible or physical asset over its useful life or life expectancy Depreciation Marginal Benefit Asset Value Expense.
The calculation of operating profit may include three of the following four expenses. Which is the one that is NOT INCLUDED? Depreciation Rent payable Loan interest Insurance.
The way to adjust purchases in order to arrive at the cost of sales figure is to Add opening inventories and subtract closing inventories Subtract opening inventories and add closing inventories Add both opening inventories and closing inventories Subtract both opening and closing inventories .
In determining the profit of an entity, which of the following measurement principles states that revenue and expenses are recognised as they are earned or incurred, and not as money is received or paid? Accruals Prudence Consistency Completeness.
Which one of the following is the correct definition of the profit, or loss, for a period? The difference between revenues and expenses The difference between receipts and expenses The difference between receipts and payments The difference between revenues and payments.
Difference between sales revenue and cost of sales Gross profit Total profit Profit of the year Operating profit.
Which ONE of the following best describes an expense? Expenditure that should be matched with receipts for the period Trading event that causes a reduction in capital Expenditure incurred in carrying out business operations Cash paid out in order to generate revenue.
A manufacturing business which sells goods on credit would normally recognize revenue when: The goods are delivered to, and accepted by, the customer
The cash is received from the customer An order is received from a customer The goods are produced.
Which are internal stakeholders of a company Employees
Managers The board of directors Costumers Suppliers Owners Community.
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