Final Examination in Work Immersion

What accounts are found in the balance sheet?

• Assets and liabilities

• Revenue and expenses

• Assets, liabilities and equity

• Expenses and assets

What statement is used to ensure debits equals credits?

• Trial Balance

• Balance Sheet

• Income Statement

• None of the above

The income statement shows which of the following?

• Expenses and income

• Income and Cost of Goods sold

• Income, Cost of Goods Sold and expenses

• Just income

The accounts payable schedule shows:

• Vendors that owe the company money

• Vendors the company owes money to

• All of the above

• None of the Above

What does it mean when an accountant prepare an accounts receivable schedule?

• Creating a separate ledger for each customer

• Creating many ledgers for each customer

• Creating a separate ledger for each invoice of every customer

• None of the above

What is the requirement in creating Financial Statements?

• The balance sheet

• The income statement

• The trial balance

• None of the above

Which of the following shows the contents of the income statements?

• Revenue less COGSS

• Revenue less expenses

• Revenue less Cost of Goods Sold, less expenses

• None of the above

Among the following, which presents the balance sheet?

• The listing of assets and liabilities

• The financial picture of the company at a specific point in time

• The listing of equity only

• The listing of revenues and expenses

What is the most important financial statement for a business owner?

• Balance sheet

• Trial Balance

• Equity Statement

• Income Statement

Financial institutions, lenders and investors value which financial statements?

• Balance Sheet

• Trial Balance

• Income Statement

• Depends on the situation