Long Test

Something the business owns.

• Assets

• Liabilities

• Revenues

• Expenses

Amount owed by a business.

• Assets

• Liabilities

• Owners Equity

• Expenses

The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the:

• Statement of Financial Position

• Income Statement

• Statement of Changes in Equity

• Cash Flow Statement

A statement of financial position shows

• how much gross profit it has

• how much net profit it has

• How much a business owns and owes

• All of the Above

Capital is ……

• what the business owns and what is owed

• what the business owes to other people

• How the business is funded

• None of the Above

A financial statement that shows the inflows and outflows of cash during a particular period of time is known as:

• Statement of Financial Position

• Statement of Comprehensive Income

• Statement of Changes in Equity

• Cash Flow Statement

Which of the following is not an operating cash flow?

• collection of cash from receivables

• payment of income tax

• payment of cash for operating expenses

• Purchase of equipment for cash

What kind of activity is Purchase of Land in Cash Flow Statement?

• Operating

• Financing

• Investing

• All of the Above

What kind of activity is:

Acquired loan from a bank

• Operating

• Financing

• Investing

What kind of activity is:

Receive cash from a client

• Operating

• Financing

• Investing

• None of the Above