Read the text. Decide whether these statements are TRUE, FALSE or NOT STATED.
  1. Profit and revenue are synonyms.
    True
    False
    Not stated
  2. Expenses are costs incurred by the business in order to operate.
    True
    False
    Not stated
  3. The profit or loss rarely equals the increase or decrease in the company’s assets as shown on the balance sheet.
    True
    False
    Not stated
  4. P&L is typically prepared by the company’s bookkeepers.
    True
    False
    Not stated
  5. According to the accrual principle, sales and purchases made on credit during a year, but perhaps not yet paid for, will not be included in the P&L for the year.
    True
    False
    Not stated
  6. The full year results statement is longer and covers the same period as the annual report.
    True
    False
    Not stated
  7. Many companies in the US and many other countries are required to make quarterly announcements.
    True
    False
    Not stated
  8. EBITDA is not the same as EBIT.
    True
    False
    Not stated