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?