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Financial Statements

Authored by Khoa Hoài

Financial Education

University

Used 2+ times

Financial Statements
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The line on the balance sheet called ________ represents the entire book value of the residual ownership of a corporation.

Total equity

Total long-term liabilities

Total assets

Retained Earnings

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On a balance sheet, ________ is (are) reported with fixed assets.

intangible assets

accounts payable

preferred stock

inventory

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The balance sheet reports assets in order of:

increasing size

book value

decreasing liquidity

increasing liquidity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a firm is profitable and pays income taxes, depreciation expense:


decreases both operating income and net income.

increases net fixed assets.

is a noncash expense that increases net operating income.

decreases net fixed assets, net income, and operating cash flows.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If total assets increase:

net working capital must also increase.

stockholders’ equity must also increase.

the change must be offset by an equal increase in liabilities and stockholders’ equity.

net income must be positive.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Ivan's, Incorporated, paid $476 in dividends and $583 in interest this past year. Common stock increased by $193 and retained earnings decreased by $119. What is the net income for the year?

$476

$357

$583

$776

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You find the following financial information about a company: net working capital = $1,059; fixed assets = $6,153; total assets = $8,574; and long-term debt = $4,593. What are the company's total liabilities?

$7,362

$5,955

$5,652

$8,274

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