1. What is a profit and loss statement?

1.    What is a profit and loss statement?

2.    Why is it important for businesses to prepare a profit and loss statement?


3.    Select the correct answer:
a.    Cost of Goods Sold is calculated as follows:
(a) Revenue minus labour costs
(b) Sales minus departmental contingencies
(c) Opening stock plus requisitions, less closing stock
(d) Opening stock plus closing stock minus revenue/sales

4.    What is a balance sheet?


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