accounting financial statements

accounting financial statements

University

43 Qs

quiz-placeholder

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accounting financial statements

accounting financial statements

Assessment

Quiz

Other

University

Medium

Created by

Ashliey Cuadling

Used 2+ times

FREE Resource

43 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt


1. What is the primary purpose of a balance sheet?

To show a company’s revenue and expenses

To present the financial position of a company at a specific point in time


To summarize cash inflows and outflows

To display changes in shareholders' equity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a component of equity on the balance sheet?

Common stock

Retained earnings

Revenue

Additional paid-in capital

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which accounting equation does the balance sheet adhere to?

Assets = Liabilities + Equity

Revenue - Expenses = Net Income

Beginning Retained Earnings + Net Income - Dividends = Ending Retained Earnings

Cash Inflows - Cash Outflows = Net Cash Flow

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The income statement shows a company's performance over:

A single day

A month

A fiscal period (e.g., quarter or year)

A specific point in time

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Revenue is typically recognized when:

. Payment is received from customers

Services are performed or goods are delivered

A sales order is placed

At the end of the fiscal year

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the "operating income" line item represent on the income statement? 

Total revenue before expenses

Profit before taxes and interest

Profit from core business operations

Cash inflow from operations

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT one of the three sections of the cash flow statement?

Operating activities

Investing activities

Financing activities

Equity activities

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