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Chapter 7 Financial Statements

Authored by Andrea Shively

Life Skills

10th - 12th Grade

Used 6+ times

Chapter 7 Financial Statements
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13 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The area of accounting which focuses on reporting information to external users.

Financial Accounting

Managerial Accounting

Payroll Accounting

Accounts Payable Accounting

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The area of accounting which focuses on reporting information to internal users.

Financial Accounting

Managerial Accounting

Payroll Accounting

Accounts Payable Accounting

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A comparison between two components of financial information.

Financial Ratio

Ratio Analysis

Money Ratio

Cash Ratio

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounting concept applied when the revenue from business activities and the expenses associated with earning that revenue are recorded in the same accounting period.

Full Disclosure

Accounting Period Cycle

Going Concern

Matching Expenses with Revenue

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A financial road map used by individuals and companies as a guide for spending and saving.

report

budget

income statement

balance sheet

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The financial statement that reports your income/loss along with your expenses is?

balance sheet

income statement

form

worksheet

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The financial statement that reports Assets, liabilities and owner's equity?

Balance Sheet

Income Statement

Worksheet

Income ratio

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