Classifications- Income Statement

Question 1

Sales

Answer 1

Revenue - Ordinary

Question 2

Sales Returns - Neg

Answer 2

Revenue - Ordinary

Question 3

Service Fees

Answer 3

Revenue - Ordinary

Question 4

Commission Revenue

Answer 4

Revenue - Other Ordinary

Question 5

Interest Revenue

Answer 5

Revenue - Other Ordinary

Question 6

Rent Revenue

Answer 6

Revenue - Other Ordinary

Question 7

Revenue from Legal action

Answer 7

Revenue - Other Ordinary

Question 8

Gain on Sales

Answer 8

Revenue - Other Ordinary

Question 9

Revenue outside ordinary activities

Answer 9

Revenue - Extraordinary

Question 10

Cost of Goods Sold

Answer 10

Expense - Cost of Sales

Question 11

Inventory Adjustment/ Shortage

Answer 11

Expense - Cost of Sales

Question 12

Cartage Inwards

Answer 12

Expense - Cost of Sales

Question 13

Packaging Expense

Answer 13

Expense - Cost of Sales

Question 14

Buying Expense

Answer 14

Expense - Cost of Sales

Question 15

Advertising

Answer 15

Expense Other Ordinary - Selling and Distribution

Question 16

Cartage Outwards - delivery expense

Answer 16

Expense Other Ordinary - Selling and Distribution

Question 17

Commission on Sales

Answer 17

Expense Other Ordinary - Selling and Distribution

Question 18

Delivery Vehicle Expense

Answer 18

Expense Other Ordinary - Selling and Distribution

Question 19

Depreciation on delivery vehicle

Answer 19

Expense Other Ordinary - Selling and Distribution

Question 20

Salaries- sales personnel

Answer 20

Expense Other Ordinary - Selling and Distribution

Question 21

Showroom expense

Answer 21

Expense Other Ordinary - Selling and Distribution

Question 22

Wages - sales personnel

Answer 22

Expense Other Ordinary - Selling and Distribution

Question 23

Direct mailing selling expense

Answer 23

Expense Other Ordinary - Selling and Distribution

Question 24

Loss on disposal of delivery vehicle

Answer 24

Expense Other Ordinary - Selling and Distribution

Question 25

Computer Expense

Answer 25

Expense Other Ordinary - General and Administrative -

Question 26

Electricity

Answer 26

Expense Other Ordinary - General and Administrative -

Question 27

Insurance

Answer 27

Expense Other Ordinary - General and Administrative -

Question 28

Motor Vehicle Expense

Answer 28

Expense Other Ordinary - General and Administrative -

Question 29

Rates and Taxes

Answer 29

Expense Other Ordinary - General and Administrative -

Question 30

Rent Expense

Answer 30

Expense Other Ordinary - General and Administrative -

Question 31

Repairs and Maintenance

Answer 31

Expense Other Ordinary - General and Administrative -

Question 32

Salaries- office personnel

Answer 32

Expense Other Ordinary - General and Administrative

Question 33

Stationery and printing

Answer 33

Expense Other Ordinary - General and Administrative

Question 34

Telephone

Answer 34

Expense Other Ordinary - General and Administrative

Question 35

Wages - Office Personnel

Answer 35

Expense Other Ordinary - General and Administrative

Question 36

Legal Costs

Answer 36

Expense Other Ordinary - General and Administrative

Question 37

Photocopying Expense

Answer 37

Expense Other Ordinary - General and Administrative

Question 38

Depreciation - Assets

Answer 38

Expense Other Ordinary - General and Administrative

Question 39

Subsciptions

Answer 39

Expense Other Ordinary - General and Administrative

Question 40

Accounting Fees

Answer 40

Expense Other Ordinary - General and Administrative

Question 41

Cleaning

Answer 41

Expense Other Ordinary - General and Administrative

Question 42

Postage

Answer 42

Expense Other Ordinary - General and Administrative

Question 43

Loss on Disposal of Asset

Answer 43

Expense Other Ordinary - General and Administrative

Question 44

Bad Debts

Answer 44

Expense Other Ordinary - Finance

Question 45

Bank Charges

Answer 45

Expense Other Ordinary - Finance

Question 46

Credit/Debit Card Fees

Answer 46

Expense Other Ordinary - Finance

Question 47

Interest Expense

Answer 47

Expense Other Ordinary - Finance

Question 48

Doubtful Debts

Answer 48

Expense Other Ordinary - Finance