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Financial Statements of Companies
Quick questions on Income statement of a company explained: H2 Principles of Accounting
4short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What are calculating cost of sales?Show answer
Cost of sales is not just purchases; it adjusts for the change in inventory:
What is q1?Show answer
State the formula for cost of sales. [2 marks]
What is q2?Show answer
A company has gross profit \120\,000\, finance costs \8\,000\. Find the profit for the year. [3 marks]
What is q3?Show answer
Explain why dividends paid do not appear in the income statement. [2 marks]
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