Quizz 1 FAD

The balance sheet is:

• • A document that includes all the accounting records for a fiscal year.

• The document that presents the results achieved during the past fiscal year.

• A summary account that provides an overview of the company's assets and liabilities.

The balance sheet summarizes a company's performance.

• True
  

• False

A business goodwill is part of:

• • Tangible assets

• • Intangible assets

• • Equity

• • Current liabilities

Equity is considered to be:

• • Financing debts

  • Liabilities

  • The company's net worth

• • Assets

• • Liabilities

• • The company's net worth

In which section do we record the company's negative bank balance?

• • Liabilities

• • Equity

• • Financial assets

• • Cash

The income statement reflects:

• • The company's net worth

• • The losses and gains of the company over an accounting period

• • The expenses and revenues related to the company's current operations

On the liabilities side of the balance sheet, we find:

• • Loans

• • Fixed assets

• • Receivables

Accounting information is used both for internal decision-making and for external partners.

• True

• False

The three categories of expenses and revenues according to their nature are:

• • Investment, operating, and financing

• • Operating, financial, and exceptional

• • Current, financial, and exceptional

An accounting period is a duration of 6 months.

• True

• False