Financial Statements Quiz (B)

This financial statement lists cash receipts and expenses of a farm during a specified time period.

• Balance sheet

• Income statement

• Statement of owner equity

• Statement of cash flow

Which of the following lists the four basic financial statements?

This financial statement lists assets, liabilities, and owner equity at a particular time.

• Balance sheet

• Income statement

• Statement of owner equity

• Statement of cash flow

This financial statement makes adjustments to cash receipts and expenses of a farm during a specified time period to arrive at net farm income from operations.

• Balance sheet

• Income statement

• Statement of owner equity

• Statement of cash flow

Which of the following is NOT one of the basic financial statements?

• Balance sheet

• Income statement

• Monthly bank statement

• Statement of owner equity

A balance sheet will list which of the following items?

• Assets and liabilities

• Receipts and expenses

• Expenses and assets

• Liabilities and expenses

Inventory changes and changes in the value of prepaid expenses would be used to calculate which of the following?

• Net cash income from operations

• Accrual adjusted net farm income from operations

• Gross cash income

• Depreciation

Current farm assets are typically valued at ________.

• cost

• Market value

• Depreciated value

• Cost less depreciation

The Net Worth Statement of Balance Sheet shows the financial condition of a business ________.

• For the accounting period

• For a calendar year

• At a particular point in time

• At a period of time defined by the creator

While financial records are critical to the management of a business, in order to have a complete understanding of the business, managers also need ________.

• Physical records

• Inventory records

• Machinery records

• Input records