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Quiz
1
Beginner
Why is it important for a business to compare its budgeted income and expenses with the actual figures in an income statement?
To calculate employee bonuses
To prepare for tax season
To ensure employees are working hard
To assess if the business is on track with financial projections
2
Beginner
Which of the following is NOT going to appear on an income statement?
Expenses, including relevant sub-accounts
Costs of goods sold
Revenue from sales of products
Money borrowed from the bank
3
Beginner
If a business owner notices an expense, like shipping costs, mistakenly recorded as income, they should adjust the records to reflect the expense correctly.
True
False
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