Financial Statements

Question 1

What are the different groups for expenses?

Answer 1

Administration and Distribution

Question 2

What is the one key characteristic of a sole trader in the income statement?

Answer 2

You list all the expenses

Question 3

What is the one key characteristic of a sole trader in the SoFP?

Answer 3

You use to capital and NCL/CL rather than equity

Question 4

What profits are used for sole trader Income Statements?

Answer 4

●Gross profit
●Operating profit
●Profit before tax
●Profit after tax