FINMAN 21

FINMAN 21

University

15 Qs

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FINMAN 21

FINMAN 21

Assessment

Quiz

Business

University

Practice Problem

Hard

Created by

Airah Lanas

Used 1+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes the primary purpose of financial reporting?

A) To provide detailed internal company processes.

B) To show the company's financial performance to internal stakeholders only.

C) To communicate a company’s financial activities and performance to investors, creditors, and other external parties.

D) To exclusively track the company’s income for tax purposes.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. The balance sheet reports a company’s financial position at a specific point in time. Which of the following is NOT one of the elements of a balance sheet?

A. Assets

B. Liabilities

C. Owner's Equity

D. Net Income

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the fundamental accounting equation?

Assets + Liabilities = Owner’s Equity

Assets = Liabilities + Owner’s Equity

Revenues - Expenses = Net Income

Assets = Liabilities - Owner’s Equity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the income statement, which of the following best describes "Revenues"?

A) Outflows from delivering or producing goods or services.

B) Inflows from the sale of equity or debt instruments.

C) Inflows from delivering or producing goods, rendering services, or other activities that constitute the entity’s ongoing major operations.

D) Gains that may or may not arise in the ordinary course of business.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which financial statement reports the company’s cash receipts and payments over a period?

A) Balance Sheet

B) Income Statement

C) Statement of Cash Flows

D) Statement of Changes in Equity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Operating cash flows in the statement of cash flows include the cash effects of transactions that involve:

A) Normal business operations of the firm.

B) Issuance or retirement of the firm’s debt and equity securities.

C) Acquisition or sale of property, plant, and equipment.

D) All of the above.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The statement of changes in equity primarily reports:

A) Cash flows from operating activities.

B) The financial performance of the firm over time.

C) The amounts and sources of changes in equity over a period.

D) The financial position of the firm at a point in time.

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