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What type of entity earns revenue by purchasing goods

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Reference no: EM132906674

Problem 1: What type of entity earns revenue by purchasing goods, which are then sold?

A. Service entity.
B. Trading entity.
C. Manufacturing entity.
D. All the options provided.

Problem 2: Which of the following items do not appear in the statement of profit or loss and other comprehensive income?

A. Income
B. Expenses
C. Drawings
D. None of the options provided.

Problem 3: An entity has income of R250 000 and expenses of R60 000. What is the profit or loss for the year?

A. Profit of R310 000.
B. Profit of R250 000.
C. Profit of R190 000.
D. Loss of R190 000.

Reference no: EM132906674

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