Intro to Financial Statements

Intro to Financial Statements

11th - 12th Grade

12 Qs

quiz-placeholder

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Intro to Financial Statements

Intro to Financial Statements

Assessment

Quiz

Other

11th - 12th Grade

Medium

Created by

Steven Howard

Used 2+ times

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12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Liabilities that are due within a year

Long term liabilities
Current liabilities

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Liabilities owed for more than a year

Current liabilities
Long term liabilities

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A financial statement that shows changes in a corporation's ownership for a fiscal period

Balance sheet
Statement of stockholder's equity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A financial statement which shows how a business incurs its revenue and expenses; and also shows a net income or net loss

Income Statement
Balance Sheet

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A financial statement which provides information on a company's assets, liabilities, and owner's equity for a specific date

Balance sheet
Income statement

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Total sales less sales discount and sales returns and allowances

Net sales
Gross sales

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The primary financial statements prepared for a sole proprietorship are the income statement and the balance sheet.

True
False

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