
Financial Statements and Concepts
Flashcard
•
Business
•
12th Grade
•
Practice Problem
•
Hard
Ziram Orenoba
FREE Resource
Student preview

15 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What is the Balance Sheet also known as?
Back
Statement of Financial Position
2.
FLASHCARD QUESTION
Front
What does the Statement of Changes in Equity represent?
Back
Changes in the equity of a company over a specific period.
3.
FLASHCARD QUESTION
Front
What is the purpose of the Statement of Cash Flows?
Back
To provide information about the cash inflows and outflows of a company.
4.
FLASHCARD QUESTION
Front
How is Profit/Loss calculated?
Back
Profit/Loss = Income - Expense
5.
FLASHCARD QUESTION
Front
What indicates a Profit?
Back
Income > Expense
6.
FLASHCARD QUESTION
Front
What indicates a Loss?
Back
Income < Expense
7.
FLASHCARD QUESTION
Front
What is considered Income?
Back
Revenue generated from business activities.
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