
Understanding the Four Financial Statements
Authored by Minuette Holden
Specialty
12th Grade

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20 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Which of the following is NOT one of the four financial statements required by GAAP?
Balance Sheet
Income Statement
Statement of Cash Flows
Statement of Financial Activities
2.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
What does the Balance Sheet represent?
Revenues minus expenses for a given time period
Statement of financial position at a given point in time
Sources and uses of cash
Changes in retained earnings
3.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Which equation represents the fundamental accounting model?
Ending Equity = Beginning Equity + Investments - Withdrawals + Income
Sources of Cash - Uses of Cash = Change in Cash Balance
Net Income = Revenue - Expenses
Assets = Liabilities + Equity
4.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Which of the following is considered a current asset?
Equipment
Accounts Receivable
Buildings
Land
5.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
What is the primary purpose of the Income Statement?
To report the resources of the entity
To present the results of the entity's operations during a period of time
To summarize sources and uses of cash
To explain changes in retained earnings
6.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
In a corporation, what is included in stockholders' equity?
Cash and Marketable Securities
Common Stock, Preferred Stock, and Retained Earnings
Accounts Payable and Notes Payable
Revenue and Expenses
7.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
What does the Statement of Cash Flows provide information about?
Operating, Investing, and Financing activities
Net Income
Assets and Liabilities
Owner's Equity
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