
Bell Ringer Chapter 8-Lesson 3-4
Quiz
•
Business
•
11th - 12th Grade
•
Medium
John Adams
Used 3+ times
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8 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Adam wants to find out the assets and liabilities of a company. Which financial statement should Adam read to find out this information?
Income Statement
Statement of Profit and Loss
Balance Sheet
Statement of Cash Flows
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of external users of accounting information?
Owners
Analysts
Directors
Managers
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What statement(s) do external and internal users of accounting information rely on?
Balance Sheet
Income Statement
Statement of Cash Flows
All answers are correct.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Monica reads in the newspaper that in the year ended December 31, 2015, Profit For Two Inc made $1 million profit. Monica wants to confirm for herself that this is really the case. What financial statement of Profit For Two Inc should Monica read to confirm the newspaper report?
The income statement.
The balance sheet.
The statement of retained earnings.
The statement of cash flows.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
GAAP sets the standards for the creation of what?
Income Statement
Statement of Retained Earnings
Balance Sheet
All answers are correct
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of how publicly-traded companies can apply the principle of conservatism with their financial statements?
Recognizing a potential gain from a lawsuit immediately.
Recognizing the cost of goods sold after the company's inventory has been exhausted.
Recognizing accounts payable immediately on the financial statements.
All answers are correct
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which company, listed on the New York Stock Exchange would definitely be in breach of the Going Concern Principle?
Company B, which has made a net loss this financial year.
Company C, which shows a net cash outflow in its statement of cash flows.
Company D, which has run out of cash and is now not able to pay its creditors
Company A, which has decided to issue new shares to foreign nationals.
8.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How many basic accounting principles make up GAAP?
18
4
7
10
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