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

accounting financial statements

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Ashliey Cuadling
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43 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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