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1. 
What is included in the income statement related to goods returned by customers?
A.
Carriage inward
B.
Sales revenue
C.
Return inwards
D.
Return outwards
2. 
Which of the following is deducted from sales revenue in the income statement?
A.
Return outwards
B.
Return inwards
C.
Carriage inward
D.
Cost of goods sold
3. 
What represents the cost of transporting goods purchased to the buyer's location?
A.
Return inwards
B.
Carriage inward
C.
Return outwards
D.
Gross profit
4. 
Which item in the income statement is associated with the cost of returning goods to suppliers?
A.
Carriage inward
B.
Return inwards
C.
Return outwards
D.
Net income
5. 
What is the purpose of including return inwards in the income statement?
A.
To determine gross profit
B.
To calculate net income
C.
To record expenses
D.
To adjust sales revenue for goods returned by customers
6. 
Return outwards are usually recorded as a reduction in which account?
A.
Purchases
B.
Inventory
C.
Sales
D.
Accounts receivable
7. 
Which of the following is NOT a typical component of the income statement?
A.
Gross profit
B.
Net income
C.
Accounts payable
D.
Operating expenses
8. 
Carriage inward is considered as part of which category in the income statement?
A.
Operating expenses
B.
Net income
C.
Sales revenue
D.
Cost of goods sold
9. 
What is the formula to calculate net income on the income statement?
A.
Net income = Revenue + Expenses
B.
Net income = Revenue - Expenses
C.
Net income = Revenue / Expenses
D.
Net income = Revenue * Expenses
10. 
Which financial statement shows the profitability of a company over a specific period?
A.
Cash flow statement
B.
Balance sheet
C.
Statement of retained earnings
D.
Income statement