FInancial Statements
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Deepak Agarwal
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The financial statement that reports the assets, liabilities, and shareholders equity at a specific date is the:
Balance sheet
Income Statement
Trial Balance
General Ledger
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Cash at bank is an example of a
Current asset
Non-current asset
Equity
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How to find Net Profit/(Net Loss)?
Opening Capital + Drawings
Closing Capital - Opening Capital + Drawings
Closing Capital - Drawings
Opening - Drawings - Closing Capital
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A balance sheet shows:
how much gross profit it has
how much net profit it has
how much a business owns and owes
5.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Identify the three sections of a Balance Sheet
Revenue
Assets
Equity
Expenses
Liabilities
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Income Statement has the following sections
Assets
Expenses
Liabilities
Revenue
Equity
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of the Balance Sheet?
inform stakeholders the assets and liabilities of business
provides information on how resources are obtained and used and the claim by the owner on the net assets of the business at a point in time.
provides information on how resources are obtained and used in the business at a point in time.
inform stakeholders the owner's equity of business
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