Cycle 7 - Session 1

Multiple Choice

Current assets

• Income Statement

• Balance Sheet

• Cash Flow Statement

Multiple Choice

Net income before taxes

• Income Statement

• Balance Sheet

• Cash Flow Statement

Multiple Choice

Cost of sales

• Income Statement

• Balance Sheet

• Cash Flow Statement

Multiple Choice

Investing activities

• Income Statement

• Balance Sheet

• Cash Flow Statement

Open Ended

Discuss the importance of presenting the financial position of a business.

Multiple Choice

Assets should be equal with liabilities minus its equity

• True

• False

Multiple Choice

Owner's withdrawals/drawings is reflected in the balance sheet.

• True

• False

Multiple Choice

Accumulated Depreciation is combined with a non-current asset.

• True

• False

Open Ended

Why is it important to identify if the business earns profit or loss?

Multiple Choice

Expenses are added to the sales/revenue of the business to identify its net profit.

• True

• False

Multiple Choice

There is a possibility that additional income outside of the core business activities can be considered in the income statement

• True

• False

Multiple Choice

Depreciation is not considered an expense.

• True

• False

Open Ended

Why is it important to monitor the business' cash flows?

Multiple Choice

Payment of salaries

• Operating

• Investing

• Financing

Multiple Choice

Capital expenditures

• Operating

• Investing

• Financing

Multiple Choice

Purchase of marketable securities

• Operating

• Investing

• Financing

Open Ended

Based on our discussion earlier, what Lasallian Leader in Me attribute you can relate it with?