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Understanding P&L Quiz
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Full Name
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Your answer
Division
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Position
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Enumerate the 3 types of Revenue.
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What are the 5 types of costs in the P&L? Give 1 expense each.
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Revenues minus expenses equals __________.
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Under the accruals, revenues are reported in the period when the:
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Cash is Received
Service Or Goods Have Been Delivered
Under the accruals, expenses are reported in the period when the:
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Cash is Paid
Expense Matches The Revenues Or Is Used Up
Billing to ABC corp. is on a monthly basis at a fixed management fee. What is your basis in recording the Revenue? Why?
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Actual
Accrual
Other:
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Purchase of kitchen equipment at Php 300,000 with no residual value and with an estimated useful life of 5 years. How much is the expense to be recognized in the monthly P&L?
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Give 2 things that you need to consider in performing Profit & Loss Analysis
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What are the differences between Budget and Forecast?
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Why is it important to have an annual budget and forecast?
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