An income statement is an integral
component of a company’s financial statements. It shows how a company’s revenue is converted into
net income: first by displaying the revenues recognized for a specific period,
and then by subtracting the costs and expenses from these
revenues (including write-offs and taxes).
The income statement is used in order to show internal and external company stakeholders whether the company made or lost money during the reporting period.
The income statement is used in order to show internal and external company stakeholders whether the company made or lost money during the reporting period.
Income statement format
A typical income statement shows a
company's revenues, followed by their cost of goods sold, their expenses, and any other
sources of income (other than daily sales, e.g. the revenue from a one time
sale of a factory). It concludes with the company's net income for the period.
Positive values (revenues) are expressed as whole numbers with no additional text, while negative values (losses) are indicated by being wrapped in parentheses, e.g. (1,000).
It is important to note that an income statement expresses the financials over a period of time (as opposed to the balance sheet, which shows just a single moment in time). This is why every income statement will say something along the lines of "For the period of: dd/mm/yyyy" across the top.
Positive values (revenues) are expressed as whole numbers with no additional text, while negative values (losses) are indicated by being wrapped in parentheses, e.g. (1,000).
It is important to note that an income statement expresses the financials over a period of time (as opposed to the balance sheet, which shows just a single moment in time). This is why every income statement will say something along the lines of "For the period of: dd/mm/yyyy" across the top.
The goal of the income statement is to describe how successful the
operations of the business are. The main objective is to make a profit, and the
statement displays the extent to which this objective has been successful.
Questions :
1.
What a main idea of the first paragraph?
a.
an income statement is an integral component of a company’s financial
statements
b. How the company's revenue is converted into net income
c. write-offs and taxes
d. Costs
and expenses from the
income
2.
What is the text about ?
a. Assets
b.
Income statement
c. Good will
d. Balance sheet
3. Income statements is
used to?
a.
Calculate
the company's
assets
b.
Make a balance sheet
c. The income statement is used in order to show internal and external company
stakeholders whether the company made or lost money during the reporting period
d. Illustrates
how successful business operations
4.
what the main
purpose of the income statement?
a.
The income statement is used in order to show internal and external company
stakeholders whether the company made or lost money during the reporting period
b.
Illustrates
how successful business operations
c. to make a
profit, and the
statement displays the extent to
which these objectives have been successful.
d.
Calculate
the company's
assets
5. What
opponents of the
income statement?
a. Sales
b. Assets
c.
Capital Statement
d. Balance
sheet
6. what is the purpose of income
statement?
a.
The income statement is used in order to show internal and external company
stakeholders whether the company made or lost money during the reporting period
b.
Illustrates how successful business operations
c.
to
make a profit, and
the statement displays the extent to which these objectives have been successful.
d.
Calculate
the company's
assets
7.
what is
included in Revenue?
a. Gross sales, sales return, allowance
b.
Sales, Assets, Gross sales
c.
Purchase, Gross sales, Expenses
d.
Cost of goods sold (COGS),
Purchase, Allowance
8. Net sales =
a. Purchese + Delivery
charges
b. All the expenses
c.
Gross sales + Sales
return
d. Total order income
9. Cost of gold sold =
a.
Purchese + Delivery
charges
b. All the expenses
c. Gross sales + Sales
return
d. Total order income
10. On “your Company”
income statement created on the date?
a.
Desember
31, 2013
b.
Desember
30, 2012
c.
Desember
31 2013
d. December
31, 2012
2. MULTIPLE CHOICE
1.
Some...don’t like such jokes.
a.
Child
b.
Man
c.
Woman
d. People
·
reason : some – countable and uncountable
nouns some can be followed by both a
countable and an
uncountable noun.
2.
She’s too tired to go....
a. Shooping
c.
Shop
d.
For shopping
·
reason : got gerund, We can use gerund to talk about things we go out to do.
3.
I know a man called rupert .... house
is near ypurs
a.
Who
b.
Whom
c.
That
d. Whose
·
reason : relative clauses – possession case. Here you are asked whether you know the relative clause or not.
4.
He rarely gets drunk.....?
a.
Doesn’t he
b. Does he
c.
Won’t be
d.
Will be
·
Reason : we form tgas with an auxiliary
(e.g. do, have, did or a modal (e.g. can, must, should) plus apronoun
(e.g. he, she, it).
5.
We don’t know ..... we have to change planes or not.
a. If
b.
Until
c.
That
d.
When
·
reason : Indirect question, Here the conjunction “IF” indriduces an indirect question.
6.
Would you mind.....for a minute
a.
Waiting
b.
To wait
c.
Wait
d.
That i wait
·
reason : would you mind + gerund. Would you mind...is followed by a gerund and is used for a request
7.
He threw a vase at the burglar but... him.
a.
Shot
b.
Fired
c.
Missed
d.
Hi
·
Reason : To miss
To fire = to
shoot off bullets / arrows
To miss = to
fail to hit
To hit = to
brings something hard against.
8.
She’s young and full...life
a.
With
b.
Having
c. Of
d.
A long with
·
reason : to be “OF” is used with the
preposition; to be full of the stadium is full of people.
9.
L like vienna, but i wish it ... a bit hooter
a.
Is
b. Were
c.
Becomes
d.
Became
·
reason : Wish clause “we don’t use simple
present tense in wish - clause.
10. Many communities are
dependent on groundwater __________ from wells for their water supply.
a.
that obtained
b.
obtained
c.
is obtained
d.obtain
it
·
reason : The
only correct way to complete this sentence is with a participle (obtained really means which is obtained).
3. ERROR
1. Buying clothes are
often a very time-consuming practice because those clothes
A
B
C
that
a person likes are rarely the ones that fit him or her.
D
Answer : D (are rarely the ones)
because the
letter "S" on the option "D" is the last should not be used
again on the previous word, because it already shows the sentence plural. In
addition, the "one" is singular form of the word, so it does not require
any additional "S" again.
2. The
atmosphere in Andalucia is open, warm, and gives a welcome feeling
to all who have
A B C
the good fortune to visit here.
D
Answer : B (Gives a welcome feeling
because the sentence above shows the
parallel structure. The word “gives a welcome feeling” is verb should be
replaced with a noun so that the sentence to be true. The correct sentence is “The
atmosphere in Andalucia is open, warm, and delight
to all who have the good fortune to visit here”.
3. The French Quarter is
the most famous and the most old section of New
Orleans.
A B
C
D
Answer : C (most old)
The superlative
form of a one-syllable adjective (old) is formed with the suffix -est:
oldest.
4. Liquids take the shape of any
container which in they are placed.
A
B
C
D
Answer : C (which)
in The
preposition must precede the relative pronoun: in which.
5. In the south-western part of the United
States, most of the watercomes
A
B
of the Colorado River and the manmade lakes created from it.
C D
of the Colorado River and the manmade lakes created from it.
C D
Answer : C (comes of)
the correct answer is “comes from” because it’s explain prepositions of place positions
6. If motorists do not observe the traffic regulations, they will be stopped, ticketed, and
the correct answer is “comes from” because it’s explain prepositions of place positions
6. If motorists do not observe the traffic regulations, they will be stopped, ticketed, and
A B C
have to pay a fine.
D
Answer : D (have to pay a fine)
because the sentence above shows the
parallel structure. The word “have to pay
a fine” is verb should be replaced with a noun so that the sentence to be true.
The correct sentence is “If motorists do not observe the traffic
regulations, they will be stopped, ticketed, and fined”.
7. Bill Clinton, that won
the 1992 presidential election, was
A
B C
formerlygovernor of the state of Arkansas.
D
formerlygovernor of the state of Arkansas.
D
Answer : (A) that
the correct answer is “who” because it’s explain adjective clause
the correct answer is “who” because it’s explain adjective clause
8. The first recorded
use of natural gas to light street lamps it was in the town of
Frederick, New York, in 1825
A B C D
A B C D
Answer : B (it was)
The use of the
pronoun subject it is unnecessary; it should be omitted.
9. Physical therapists
help patients relearn how to use their bodies after
disease or injure.
A
B
C
D
Answer : D (injure)
A noun (injury),
not a verb (injure), is required.
10. A number of the
materials used in manufacturing paint are potential dangerous if
A B C
mishandled.
D
Answer : C (potential)
An adverb (potentially),
not an adjective (potential), is needed
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