Net profit is computed in which of the following
1.A fixed asset was bought for $5000. Its accumulated depreciation is $3000 and rate of depreciation is 20%. Calculate its depreciation expenses for the current accounting period using reducing balance method?
A)$600
B)$2000
C)$300
D) $400
2.Financial statements are prepared mainly for
A)Internal users of financial information
B)External users of financial information
C)Creditors of the business
D)Managers of the business
3. Net profit is computed in which of the following?
A)Balance Sheet
B)Profit & Loss Account
C)Cash flow statement
D)Statement of changes in equity
4.Which of the following should be the most appropiate order of current asset in a balance sheet?
A)cash, debor, bank, stock
B)Bank, cash, stock, debtor
C)Stock, bank, cash, debtor
D)Cash, bank, debtor, stock
5.In income statement, gross profit is always equal to
A)Sales-expenses
B)Incomes-expenses
C)Sales-cost of goods sold
D) Sales-selling costs
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