Financial Statement MCQs

Which of the following items belongs to the Current Assets section of the balance sheet?

• Net Sales (Income Statement)

• Cash and Cash Equivalents (Current Assets)

• Cost of Goods Sold (Income Statement)

• Retained Earnings (Equity Section of Balance Sheet)

Where would "Receivables, Net" be recorded?

• Current Assets (Balance Sheet)

• Operating Revenue (Income Statement)

• Non-Current Assets (Balance Sheet)

• General Expenses (Income Statement)

Which item belongs to the Operating Expenses section of the income statement?

• Inventory, Net (Current Assets, Balance Sheet)

• Selling and Administrative Expenses (Operating Expenses)

• Share Capital (Equity Section, Balance Sheet)

• Goodwill (Non-Current Assets, Balance Sheet)

Where would "Net Sales" be recorded?

• Revenue Section (Income Statement)

• Current Liabilities (Balance Sheet)

• Long-Term Liabilities (Balance Sheet)

• Property, Land, and Equipment (Non-Current Assets, Balance Sheet)

What financial statement includes "Accounts Payable"?

• Current Liabilities (Balance Sheet)

• Cost of Goods Sold (Income Statement)

• Total Revenue (Income Statement)

• Retained Earnings (Equity Section, Balance Sheet)

Where is "Retained Earnings" recorded?

• Equity Section (Balance Sheet)

• Revenue Section (Income Statement)

• Current Liabilities (Balance Sheet)

• General Expenses (Income Statement)

Which item is included in the Cost of Revenue section of the income statement?

• Cost of Goods Sold (Cost of Revenue)

• Inventory, Net (Current Assets, Balance Sheet)

• Share Capital (Equity Section, Balance Sheet)

• Goodwill (Non-Current Assets, Balance Sheet)

Where would "Goodwill" be recorded?

• Non-Current Assets (Balance Sheet)

• Operating Expenses (Income Statement)

• Selling Revenue (Income Statement)

• Current Liabilities (Balance Sheet)

Which financial statement includes "Gross Income"?

• Revenue Section (Income Statement)

• Non-Current Liabilities (Balance Sheet)

• Equity Section (Balance Sheet)

• Current Assets (Balance Sheet)

Where would "Long-Term Liabilities" be recorded?

• Non-Current Liabilities (Balance Sheet)

• Revenue Section (Income Statement)

• Current Liabilities (Balance Sheet)

• General Expenses (Income Statement)