Financial Statements Quiz

Financial Statements Quiz

University

15 Qs

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Financial Statements Quiz

Financial Statements Quiz

Assessment

Quiz

Financial Education

University

Medium

Created by

Kavya Dhir

Used 2+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why do investment analysts typically want to see a company's financial statements?

To evaluate the business's competitive strategies

To assess the ability of the company to pay taxes

To determine the company's credit rating

To decide whether to recommend the company's securities to clients

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why might a union request financial statements from a business?

To evaluate the business's competitive strategies

To determine the creditworthiness of the business

To assess the ability to pay compensation and benefits to union members

To decide whether to invest in the business

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When will the reported results in financial statements be suspicious, potentially due to fraud from the below mentioned cases?

When the results are consistent with industry norms.

When there is a sudden spike in sales.

When the statements are audited.

When non-financial issues are addressed.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key difference between US GAAP and IFRS regarding the treatment of research and development costs?

US GAAP capitalizes all research and development costs and IFRS expenses all research and development costs.

US GAAP expenses all research and development costs and IFRS capitalizes all research and development costs.

Both US GAAP and IFRS expense all research and development costs.

Both US GAAP and IFRS expense research and development costs, however; IFRS capitalizes development costs in certain situations.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to the values of assets and liabilities in the balance sheet when financial statements are not adjusted for inflation?

They appear inordinately high.

They appear inordinately low.

They remain unchanged.

They become irrelevant.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of employee's interest in reviewing the financial statements of their current company?

To help employees assess the ability of the enterprise to provide remuneration

To determine the business's credit rating

To involve employees in the financial decision-making process

To help employees decide whether to buy company securities

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why are financial statements of different companies not always comparable?

They lack auditors' opinions.

They use different accounting practices.

They have not been verified.

They do not cover non-financial issues.

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