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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does a Trading Account show?
💡 Hint: Think about sales and cost calculations.
Question 2
Easy
Which function is commonly used to sum total revenues in a spreadsheet?
💡 Hint: Remember how to add multiple entries.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the main purpose of the Trading Account?
- A. To calculate net profit
- B. To determine gross profit
- C. To show liabilities
💡 Hint: Consider what profits are defined by.
Question 2
True or False: A Balance Sheet summarizes a company's performance over a period.
- True
- False
💡 Hint: Think about what balance sheets capture versus income statements.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Create a Trading Account for a small business with the following figures: Sales = 150000, COGS = 90000. What is the Gross Profit, and write the spreadsheet formula you would use?
💡 Hint: Break it down into sales and cost entries.
Question 2
Create a Profit & Loss statement with income of 250000, operating expenses of 80000, and other expenses of 20000. Calculate the Net Profit.
💡 Hint: Think about how to sum total expenses first.
Challenge and get performance evaluation