IGBizStudies

Jun 18, 20211 min

Calculate X and Y: Revenue & Expenses

Updated: Jul 14, 2021

Oct/Nov 2018 Version 11

Read to answer question

  1. Revenue, cost and profit in income statement

Check out example answer HERE

Try related past year questions here

  1. What is meant by ‘income statement’? (2 marks)

  2. Identify and explain two ways in which a firm's managers could use information contained in the income statement. (4 marks)

  3. State four features of an income statement. (4 marks)

  4. Identify the effect of an increase in the cost of materials on each of the following: Cost of sale & gross profits (2 marks)

  5. Calculate the values of X and Y: Cost of Sales & Expenses (2 marks)

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