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ZIMSEC O-Level Principles of Accounting

9.1Income statement

Income statement in ZIMSEC O-Level Principles of Accounting: what the syllabus expects you to know, the learning objectives and how to practise.
Subtopic22 practice questions1 lesson
Practise this topicAll Principles of Accounting topics

Overview

Forms 2 and 3.

Learning objectives

What the syllabus expects you to be able to do.

  1. 9.1.1Form 2: define the income statement, explain why it is needed and draw one up for a sole trader.

Lessons

  • The income statement of a sole trader

    35 min

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Sample question

A sample question on this topic. Answer it, check it, then read the worked answer.

Income statement: sample question

1 mark

Nyasha's revenue was US$64,200 and sales returns were US$900. Opening inventory was US$5,300, purchases US$41,800 and closing inventory US$6,100. What was her gross profit?

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