
Understanding Financial Statements
Flashcard
•
Business
•
KG
•
Practice Problem
•
Hard
Adam Farhan
FREE Resource
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83 questions
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1.
FLASHCARD QUESTION
Front
What is included in a company's full-year financial statements?
Back
Statement of Financial Position, Statement of Comprehensive Income, Statement of Cash Flow, Statement of Changes of Equity, and Notes to the Account.
2.
FLASHCARD QUESTION
Front
What does the Statement of Financial Position represent?
Back
It represents the company's assets, liabilities, and equity at a specific point in time.
3.
FLASHCARD QUESTION
Front
What is the purpose of the Auditor's Report in financial statements?
Back
To provide assurance that the financial statements are drawn up in accordance with approved accounting standards.
4.
FLASHCARD QUESTION
Front
What is the significance of the Directors' Report?
Back
It attests to the true fairness of the financial position and results of the company.
5.
FLASHCARD QUESTION
Front
What are the key financial ratios used to assess a company's solvency?
Back
Current Ratio and Quick Ratio.
6.
FLASHCARD QUESTION
Front
What does the Gearing Ratio measure?
Back
It measures the reliance on external debts relative to internal shareholders' equity.
7.
FLASHCARD QUESTION
Front
What is the formula for the Current Ratio?
Back
Current Ratio = Current Assets / Current Liabilities.
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