Practice Preparing Final Accounts Using Spreadsheet (9) - Accounting Application of Electronic Spreadsheet

Practice: Preparing Final Accounts Using Spreadsheet

Lesson 9Accounting Application of Electronic Spreadsheet

Practise this section

8 questions

Flashcard drill
2 cards from this section. Quick, good the night before a test.
Exercise
6 questions · about 4 min · pass mark 70%. Hints available.
Sign up to start the exercise
Quiz
2 questions · about 1 min · pass mark 70%. Hints available.
Sign up to start the quiz

6 sample questions

Question 1.
What does a Trading Account show?
Show hintHide hint
Think about sales and cost calculations.
Question 2.
Which function is commonly used to sum total revenues in a spreadsheet?
Show hintHide hint
Remember how to add multiple entries.
3Question 3.
What is the main purpose of the Trading Account?
- A. To calculate net profit
- B. To determine gross profit
- C. To show liabilities
Show hintHide hint
Consider what profits are defined by.
4Question 4.
True or False: A Balance Sheet summarizes a company's performance over a period.
- True
- False
Show hintHide hint
Think about what balance sheets capture versus income statements.
Question 5.
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?
Show hintHide hint
Break it down into sales and cost entries.
Question 6.
Create a Profit & Loss statement with income of 250000, operating expenses of 80000, and other expenses of 20000. Calculate the Net Profit.
Show hintHide hint
Think about how to sum total expenses first.

4 more questions in this section. Enroll free to practise them all.