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WorksheetsFinance and Accounting
Total questions: 15
Worksheet time: 8mins
The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the:
Balance Sheet
Income Statement
Statement of Cashflows
Cash Statement
The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the:
Balance Sheet
Income Statement
Statement of Cashflows
None of These
A balance sheet reports a business's financial ________.
condition over a specific period of time
progress over a specific period of time
condition on a specific date
progress from the time the business started
Amount of money owed by a business
liability
asset
capital
account
Anything of value that is owned by a business:
account
asset
withdrawal
expense
The basic accounting equation is Assets = Liabilities + _______________________.
Income
Owner's Equity
Expenses
Profit
Another word for income / turnover / sales is
cashflow
asset
profit
revenue
Direct costs like manufacturing costs, salaries of factory workers etc. are called:
Cost of doing business
Unavoidable costs
Cost of goods sold
Payroll
Indirect costs like marketing costs, utilities, salaries of sales staff etc are called:
expense accounts
operating expenses
avoidable costs
monthly costs
Profits from investments in other companies are called:
Additional income
Unwanted income
Silent income
Non-operating income
Long-term financial investments are:
Fixed debts
Fixed assets
Slow Income assets
Emergency assets
The amount of money owed to the business by customers (creditors) :
Credit accounts
Debit accounts
Accounts payable
Accounts receivable
The money owed by the business to suppliers:
Credit accounts
Debit accounts
Accounts payable
Accounts receivable
Patents, trademarks, 'goodwill' etc are all examples of
intangible assets
fixed assets
current assets
long-term assets
The net value of a company, or the amount that would be returned to shareholders if all the company's assets were liquidated and all its debts repaid
Common stock
Retained earnings
Shareholder equity
Preferred stock
