Battle Back IC3

Quiz
•
Business
•
9th - 12th Grade
•
Medium
Briana Harrison
Used 9+ times
FREE Resource
22 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What offer was made?
$100,000 for 15% stake
$150,000 for 10% stake
$100,000 for 20%
No offer was made
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which side of a T-account represents the debit side?
Left side
Right side
Top side
Bottom side
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a credit entry in a T-account typically indicate for liability accounts?
An increase
A decrease
No change
An error
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In double-entry bookkeeping, what does the balance of a T-account represent?
The difference between credits and debits
The sum of credits and debits
The total credits
The total debits
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of the income statement in financial reporting?
To show the company's financial position at a specific point in time
To report the company's financial performance over a specific period
To detail the company's cash inflows and outflows over a specific period
To list the company's shareholders' equity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which financial statement is prepared first?
Balance Sheet
Income Statement
Cash Flow Statement
Statement of Retained Earnings
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the net income calculated on the income statement?
Total Revenues minus Total Expenses
Total Assets minus Total Liabilities
Cash Inflows minus Cash Outflows
Current Assets minus Current Liabilities
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