Financial Statements & Closing Entries Review

Front

Zoe, Grace, and Kai are learning about finance. Can you help them identify the three main types of financial statements?

Back

income statement, balance sheet, and cash flow statement

Front

Which financial statement shows a company's revenues and expenses over a period of time? Options: income statement, cash flow statement, statement of retained earnings, balance sheet

Back

income statement

Front

What is the purpose of the income statement?

Back

To provide a summary of a company's financial performance over a specific period of time.

Front

Which financial statement shows a company's assets, liabilities, and shareholders' equity at a specific point in time?

Back

balance sheet

Front

What is the primary purpose of a balance sheet?

Back

To provide a snapshot of a company's financial position

Front

Which financial statement shows the changes in a company's cash and cash equivalents over a period of time? Options: Statement of Retained Earnings, Balance Sheet, Income Statement, Statement of Cash Flows

Back

Statement of Cash Flows

Front

What is the purpose of the statement of cash flows in the game 'Business Tycoon'?

Back

To provide information about cash inflows and outflows

Front

Ethan, Michael, and James are running a lemonade stand. They are trying to calculate their net income. Can you help them figure out the correct formula?

Back

Total revenue - Total expenses

Front

What is the purpose of an income statement? Aiden thinks it's to track the company's stock prices. Kai believes it's to calculate the company's market share. Ethan says it's to determine the company's customer satisfaction levels. Or is it to provide a summary of a company's revenues, expenses, and net income over a specific period of time?

Back

To provide a summary of a company's revenues, expenses, and net income over a specific period of time.

Front

Which statement shows the net income or loss of a company? Options: income statement, cash flow statement, statement of retained earnings, balance sheet

Back

income statement