
Basic Understanding of Financial Statements
Authored by Fiza Q
Business
1st Grade
Used 7+ times

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9 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 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
45 sec • 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
45 sec • 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
45 sec • 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
45 sec • 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
45 sec • 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
45 sec • 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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