Quiz 68: Trading Profit and Loss Account

The trading, profit and loss account is fundamental to an understanding of the income statement in double entry bookkeeping. Test your knowledge of double entry bookkeeping and accounting with our online trading profit and loss account quiz.

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Click on an answer to reveal whether its Right! or Wrong

1. Identify the missing line item in the trading and profit and loss account.
Net Profit = ?
Sales = 100,000
Gross Profit = 55,000
Expenses = 43,000
Cost of Goods Sold = 45,000
Wrong
Right!
Wrong
2. Identify the missing line item in the trading and profit and loss account.
Net Profit =4,500
Sales = ?
Gross Profit = 16,500
Expenses = 12,000
Cost of Goods Sold = 13,500
Right!
Wrong
Wrong
3. Identify the missing line item in the trading and profit and loss account.
Net Profit = ?
Sales = 50,000
Gross Profit = 27,500
Expenses = 20,000
Cost of Goods Sold = 22,500
Wrong
Right!
Wrong

 

4. Identify the missing line item in the trading and profit and loss account.
Net Profit = 15,300
Sales = 102,000
Gross Profit = 56,100
Expenses = 40,800
Cost of Goods Sold = ?
Wrong
Wrong
Right!
5. Identify the missing line item in the trading and profit and loss account.
Net Profit = 10,500
Sales = ?
Gross Profit = 38,500
Expenses = 28,000
Cost of Goods Sold = 31,500
Wrong
Wrong
Right!
6.Identify the missing line item in the trading and profit and loss account.
Net Profit = 18,000
Sales = 120,000
Gross Profit = ?
Expenses = 48,000
Cost of Goods Sold = 54,000
Right!
Wrong
Wrong
7. Identify the missing line item in the trading and profit and loss account.
Net Profit = 11,250
Sales = 75,000
Gross Profit = 41,250
Expenses = ?
Cost of Goods Sold = 33,750
Wrong
Right!
Wrong
8. Identify the missing line item in the trading and profit and loss account.
Net Profit = 13,500
Sales = 90,000
Gross Profit = ?
Expenses = 36,000
Cost of Goods Sold = 40,500
Right!
Wrong
Wrong
9. Identify the missing line item in the trading and profit and loss account.
Net Profit = 9,750
Sales = 65,000
Gross Profit = 35,750
Expenses = ?
Cost of Goods Sold = 29,250
Right!
Wrong
Wrong
10. Identify the missing line item in the trading and profit and loss account.
Net Profit = 20,250
Sales = 135,000
Gross Profit = 74,250
Expenses = 54,000
Cost of Goods Sold = ?
Wrong
Wrong
Right!

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Last modified May 21st, 2020 by Michael Brown

About the Author

Chartered accountant Michael Brown is the founder and CEO of Plan Projections. He has worked as an accountant and consultant for more than 25 years and has built financial models for all types of industries. He has been the CFO or controller of both small and medium sized companies and has run small businesses of his own. He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a BSc from Loughborough University.

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