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12.2 Financial Records

Authored by Priscilla O'Dowd

Business

9th - 12th Grade

Used 6+ times

12.2 Financial Records
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11 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Financial statements are used to record and analyze the financial performance of a business.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

name the buildings, and equipment owned by the business, their original and current value, and the amount owed if money was borrowed to purchase the assets.

Asset Records

Depreciation Records

Inventory Records

Cash Records

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

______identify the amount assets have decreased in value due to their age and use.

Asset Records

Depreciation Records

Inventory Records

Cash Records

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

______identify the type and number of products on hand for sale. Adequate records are crucial to correctly determine the number of products sold, damaged, or lost and the current value of that inventory.

Asset Records

Depreciation Records

Inventory Records

Cash Records

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

______identify all purchases and sales made using credit.

Payroll Records

Cash Records

Tax Records

Records of accounts

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

______list all cash received and spent by the business.

Payroll Records

Cash Records

Tax Records

Records of accounts

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

______identifies the companies from which credit purchases were made and the amount purchased, paid, and owed.

Payroll Records

Accounts Payable Records

Tax Records

Records of accounts

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