Basic Understanding of Financial Statements

Basic Understanding of Financial Statements

1st Grade

10 Qs

quiz-placeholder

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Basic Understanding of Financial Statements

Basic Understanding of Financial Statements

Assessment

Quiz

Business

1st Grade

Medium

Created by

Fiza Q

Used 3+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is NOT a primary financial statement?

Income Statement

Balance Sheet

Cash Flow Statement

Trial Balance

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The statement that shows the financial position of a company at a specific point in time is called:

Income Statement

Statement of Cash Flows

Balance Sheet

Statement of Retained Earnings

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which component of the financial statements measures a company's profitability?

Cash Flow Statement

Income Statement

Balance Sheet

Statement of Equity

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What does the equity section of the balance sheet primarily represent?

Assets owned by the company

The company's debts

Owners' residual interest in the company after liabilities

Net cash flow for the period

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The Cash Flow Statement is divided into three categories. These are:

Assets, Liabilities, and Equity

Investing, Operating, and Financing activities

Revenue, Expenses, and Net Income

Current Assets, Non-Current Assets, and Liabilities

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following activities would be classified as an investing activity in the cash flow statement?

Payment of dividends

Purchase of equipment

Issuing shares

Payment to suppliers

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is another name for the income statement?

Statement of Operations

Statement of Financial Position

Statement of Changes in Equity

Statement of Comprehensive Income

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