Finovate '21

What are the main elements of the entity's financial statement

• Asset, liabilities, equity, revenue, expenses

• assets, revenue, equity, market share, liability

• revenue, expenses, equity, liabilities, profit

• evenue,debt , equity, liabilities, profit

What is PAT in a finance statement

• Profit after target

• Profit after tax

• Process Analytical Technology

• Portable Appliance Testing

An investment is said to be “risky” because

• it is dangerous

• it has low returns

• its returns are uncertain

• its raw material is unavailable

The following are the examples of financial assets except?

• Stocks

• Bank loan

• Bond

• Raw material

The main source(s) of Generally Accepted Accounting Principles (GAAP) is/are:

• Company Law

• Accounting standards

• Both A and B

• None of these

Advance payments are recognized as

• receivable

• payable

• bad debt

• none of these

The correct form of Accounting equation is

• Assets + Liabilities = Equity

• Assets – Liabilities = Equity

• Assets – Receivable = Equity

• Assets + Receivable = Equity

Which financial statement displays the revenues and expenses of a company for a period of time

• INCOME STATEMENT

• BALANCE SHEET

• CASH FLOW STATEMENT

• STATEMENT OF STOCKHOLDER’S EQUITY

The accrual basis of accounting records revenues when they are:

• COLLECTED

• EARNED

• CONTRACTED

• READILY AVAILABLE FOR USE

Asset accounts have what type of balance?

• DEBIT

• CREDIT

• CONTRA

• ALL OF THE ABOVE