
Financial Statement MCQs
Authored by Mohd Rizal Abdul Razak
Business
12th Grade
Used 1+ times

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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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)
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Where would "Receivables, Net" be recorded?
Current Assets (Balance Sheet)
Operating Revenue (Income Statement)
Non-Current Assets (Balance Sheet)
General Expenses (Income Statement)
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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)
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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)
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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)
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Where is "Retained Earnings" recorded?
Equity Section (Balance Sheet)
Revenue Section (Income Statement)
Current Liabilities (Balance Sheet)
General Expenses (Income Statement)
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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)
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