Income statements Flashcards
1
Q
Cost of sales in
A
Opening inventory
-Purchases
Returns purchases
Net -purchases
less closing inventory
2
Q
Distribution income statement
A
Motor expenses
Van depreciation
3
Q
Admin income statements
A
Salaries
Rent and rates
Insurance
Bad debts
Depreciation of fixture year
4
Q
Non-current assets SOFP
A
Motor van
fixtures
5
Q
Current assets SOFP
A
Inventories
Trade receivables
prepayments
cash and cash equivalents
6
Q
Current liabilities SOFP
A
Trade payables
Bank Overdraft
Accruals
