
Understanding Business and Financial Information Quiz
Authored by Sanskriti Chhabra
Other
University
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8 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
What is the first step in completing the sales working document?
Find out the credit arrangements
Work out the actual sales figures
Bring forward outstanding trade receivables
Make a note of the trade receivables c/f
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Where are outstanding trade payables and receivables recorded in the statement of financial position?
Current assets
Capital
Reserves
Liabilities
3.
MULTIPLE CHOICE QUESTION
30 sec • 3 pts
What does the cash flow statement represent?
The flow of cash for a given period
The profit/loss a business is making
The assets contained in a business
The funding of a business by capital, reserves, and liabilities
4.
MULTIPLE CHOICE QUESTION
30 sec • 6 pts
Where is the value of retained profit recorded in the statement of financial position?
Current assets
Capital
Reserves
Liabilities
5.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
What is the second step in completing the purchases working document?
Find out the credit arrangements
Work out the actual purchases figures
Bring forward outstanding trade payables
Make a note of the trade payables c/f
6.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
If a business is new, will there be any trade payables or receivables brought forward?
Yes
No
Not enough information
Depends on the business type
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
What does the income statement represent?
The flow of cash for a given period
The profit/loss a business is making
The assets contained in a business
The funding of a business by capital, reserves, and liabilities
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