WorksheetsEPIC
Total questions: 10
Worksheet time: 5mins
When Expenses are greater than Revenue a Company has
Shareholder Equity
Net Loss
Net Profit
Liabilities
A variance should be explained if
Greater than $50
It deals with HVAC
The amount is Material
It impacts the balance sheet
Financial Statements are?
Reports by consultants who are hired to analyze operations
Report that states who is responsible for the business
Documents that tell us how well a business is performing
Documents that tell us who the shareholders of the corp are
Prior Year adjustments are
Any recovery adjustments relating to prior year received in the current year
Always favourable
The result of incorrect budgeting
Can always be explained by Rental rate differences
An Income Statement includes which of the following
Inventory & Cash
Liquidity and Current Assets
Assets Liabilities and Owners Equity
Expenses, Revenue, Net Income, Net Loss
The statement that reports Net Cash Flows relating to Operating, Investing and Financing Activities
Trial Balance
Income Statement
Statement of Cashflows
Balance Sheet
The Bad debt Expense is result of
A bank loan has been defaulted on
A tenant has vacated the building after their lease had expired
The landscape company overcharged for their services
A tenant is unable/unwilling to pay their past rental obligations and there is no chance of collecting
When a company Capitalizes a cost
Depreciation or Amortization will increase in future periods
Liabilities decrease on its balance sheet
Revenue’s will increase in the current period
Assets will decrease in the current period
Epic Investment categorizes Capital assets as Non Recoverable if
The project/expense is intended to reduce operating costs
The project/expense results in higher future rental income
Trick question, all Capital Assets are recoverable
Capital assets are all expensed on the Income Statement when incurred
An Operations aging report is used to monitor its
Accounts Payable
Credit Application
Cashflow Statement
Accounts Receivable
