Chapter 7 Financial Statements

Chapter 7 Financial Statements

Assessment

Flashcard

Business, Other

11th - 12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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20 questions

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1.

FLASHCARD QUESTION

Front

An Income statement reports information for a specific date indicating the financial progress of a business in earning a net income or a net loss

Back

False

2.

FLASHCARD QUESTION

Front

The area of accounting that focuses on reporting information to internal users is called managerial accounting

Back

True

3.

FLASHCARD QUESTION

Front

When a business has two different sources of revenue, a separate income statement should be prepared for each kind of revenue.

Back

False

4.

FLASHCARD QUESTION

Front

If a business has a net loss for the period, expenses should be reported before revenues on the income statement

Back

False

5.

FLASHCARD QUESTION

Front

A financial ratio is a comparison between two components of financial information

Back

True

6.

FLASHCARD QUESTION

Front

For a service business, the revenue reported on an income statement is often compared to two items: total expenses and net income.

Back

True

7.

FLASHCARD QUESTION

Front

The calculation and interpretation of a financial ratio is called ratio analysis

Back

True

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