Financial statements of a sole trader：練習問題

• a.

  Total receipts less total payments

• b.

  Revenue less cost of sales

• c.

  Revenue plus other income less all expenses

• d.

  Cost of sales plus operating expenses

• a.

  Bank loan repayable in five years

• b.

  Trade receivables

• c.

  Premises

• d.

  Trade payables

• a.

  As part of cost of sales in the income statement

• b.

  As a current liability in the statement of financial position

• c.

  As an expense in the income statement

• d.

  As a non-current asset in the statement of financial position

• a.

  In the income statement (as a deduction from cost of goods available for sale) and in the statement of financial position (as a current asset).

• b.

  Only in the statement of financial position as a non-current asset.

• c.

  In the income statement as revenue and in the statement of financial position as a liability.

• d.

  Only in the income statement as an expense.

• a.

  To show the total assets and liabilities owned by the business.

• b.

  To calculate the total capital introduced by the owner.

• c.

  To record all cash receipts and cash payments made during the period.

• d.

  To calculate the gross profit and profit for the year of the business.

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