Financial Statements - The Extended Trial Balance

Question 1

The statement of (Profit Or Loss/Financial Position) shows the profitability and performance of the business during the accounting period ?

Answer 1

Statement Of Profit Or Loss

Question 2

The statement of (Profit Or Loss/Financial Position) shows what the business is worth at the end of the accounting period ?

Answer 2

Statement Of Financial Position

Question 3

A statement of (Profit Or Loss/Financial Position) shows the state of the business on the last day of that time period ?

Answer 3

Statement of financial position

Question 4

A statement of (Profit Or Loss/Financial Position) covers a specific time period E.g at the end of each month ?

Answer 4

Statement of profit or loss

Question 5

The time period covered by the statement of profit or loss is called the A…….. P….. ?

Answer 5

Accounting Period

Question 6

The payment of expenses is (Capital/Revenue) expenditure ?

Answer 6

Revenue expenditure

Question 7

The cost of non-current assets is (Capital/Revenue) expenditure ?

Answer 7

Capital expenditure

Question 8

Revenue expenditure is shown on the statement of (Profit or loss/Financial position) ?

Answer 8

Statement of profit or loss

Question 9

Capital expenditure is shown on the statement of (Profit or loss/Financial position) ?

Answer 9

Statement of financial position

Question 10

The statement of financial position (Is/Is not) part of the double entry accounting bookkeeping system ?

Answer 10

Is not

Question 11

The statement of profit or loss (Is/Is not) part of the double entry accounting bookkeeping system ?

Answer 11

Is