Yr 9 Business - Money Flashcards
What’s an example of an asset?
A)Capital
B)Mortgage
C)Accounts payable
D)Land
D)Land
Statement of Profit or Loss contains?
a)Assets and Expenses
b)Revenue and Expenses
c)Liabilities and owner’s Equity
d)Revenue, expenses and profit/loss
d)revenue, expenses and profit/loss
What is Accounts Receivable classified as?
a) Revenue
b) Asset
c) Liability
d) Expense
c) liability
how do you calculate net profit or loss?
revenue - expenses = net profit/loss
What categories go into a profit and loss statement?
revenue and expenses
what categories go into a statement of financial position?
assets and liabilities
What is an example of owner’s equity?
a) Bank Loan
b) Delivery Expense
c) Inventories
d) Capital
d) capitol
What is an example of inventory that would be at a florist?
a) motor parts
b) petrol
c) meat
d) flowers
D)flowers
What is cost of goods sold classified in?
A) owners equity
B) Assets
C) liabilities
D) Expenses
E) Revenue
e)revenue
what is an example of an expense
A) machinery
B) wages
C) equipment
D) capital
b) wages
What is mortgage classified as
A) liabilities
B) Assets
C) Expenses
D) Owners equity
a)
What is supplies classified as
A) Revenue
B) Expenses
C) Liabilities
D) Assets
d)asset
