Quiz for Basic Accounting

The quiz consist of 10 questions.  You have 30 minutes to complete the quiz. The minimum grade for the quiz is 70%.  Please register with your real name as the completion of this quiz is a requirement for the assignment.Accounting quiz  The quiz should be completed when you have review the notes presented in this blog.

profit and loss account (format) (Net loss)

This is the format for net loss in profit and loss Account.

Feel free to ask me if there is any questions

profit and loss account (format) (Net profit)

This is the format for net profit in the profit and loss account.

 

                     

profit and loss account

On the debit side(left side) of the profit and loss account the items recored are:

1. any expenses
2. Discount allowed

etc..

On the credit side(right side) of profit and loss account the items recorded are:

(a) Discount received

(b) Commission received

(c) Rent received

(d) Interest received

(e) Income from investments

(f) Profit on sale of assets

(g) Bad debts recovered

(h) Dividend received

(i) Apprenticeship premium etc.


When you have add everything , you have to add up the amounts and u can find out if it is a net profit or net loss . Net profit is the left is the amount is has lesser money then the right side and net loss is the opposite. :D


Just to sum up if it is an expenses record it one the left side and income/revenue on the right side
and if the income is more then the expenses it is a net profit if it is lesser it is a net loss :D