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WorksheetsBasic Financial Statement
Total questions: 37
Worksheet time: 23mins
Which of the following is a non-current asset?
Trade Receivable
Trade Payable
Bank
Plant and machinery
Which of the following is a current asset?
Inventory
Land
Plant and machinery
Building
Asset is presented in
Statement of profit or loss
Statement of financial position
Statement of changes in equity
Statement of cash flow
Expenses are listed in
Statement of profit or loss
Statement of financial position
Statement of changes in equity
Statement of cash flow
Which of the following is an expense
Revenue
Salaries
Salaries payable
Payable
The following account usually has a debit balance
Asset
Revenue
Liability
Capital
The following account usually has a credit balance
Asset
Expenses
Drawings
Capital
A debit balance means the total amount in the debit side of an account is greater than the credit side
True
False
A credit balance means the amount in the debit side is lesser than the credit side
True
False
Someone who owes us money in respect of trading is best known as
Receivables
Payables
Creditors
Owner
Someone who we owe money is known as
Receivable
Debtor
Payable
Owner
Which of the following would be a credit balance in the trial balance?
Bank overdraft
Drawings
Purchases
Delivery outwards
Capital is best explained as
something that we owe
something that we own
something that the business owe us
Asset is simpy described as
something that we own
something that we owe
something that owe us
Which of the following is a non-current liability?
Loan from bank payable in 5 years
Loan from bank payable in 5 months
Trade payables
Bank overdraft
Asset is presented in
Statement of profit or loss
Statement of financial position
Statement of changes in equity
Statement of cash flow
Expenses are listed in
Statement of profit or loss
Statement of financial position
Statement of changes in equity
Statement of cash flow
Which of the following is an expense
Revenue
Salaries
Salaries payable
Payable
Capital is best explained as
something that we owe
something that we own
something that the business owe us
Asset is simpy described as
something that we own
something that we owe
something that owe us
Which of the following is a non-current liability?
Loan from bank payable in 5 years
Loan from bank payable in 5 months
Trade payables
Bank overdraft
Which of the basic financial statements is best used to answer the question, "How profitable is the business?"
Balance sheet
Statement of shareholder's equity
Income statement
Accounts receivable aging schedule
Which of the basic financial statements is best used to answer the questions "What does the company own and how is it financed?"
Balance sheet
Statement of shareholder's equity
Income statement
Cash flow statement
Which of the basic financial statements is best used to answer the questions "Where did the company's money come from and how was it spent over the preceding year?"
Balance sheet
Statement of shareholder's equity
Income statement
Cash flow statement
On the income statement, sales revenue, minus cost of goods sold and operating expenses, equals which of the following?
Net profit
Retained earnings
Net income available to preferred shareholders
Earning Before Interest and Tax
Your firm has the following income statement items:
Sales of RM50,250
Cost of goods sold of RM35,025
Operating expenses of RM10,115
Interest expense of RM750; and
Income tax of RM1,744
What is the amount of the firm's EBIT?
RM15,552
RM58,000
RM5,110
RM4,630
Which of the following is not a current asset?
Accounts payable
Marketable securities
Accounts receivable
Inventory
Your firm has the following balance sheet statement items:
Total current liabilities of RM805,000;
Total assets of RM2,655,000
Fixed and other assets of RM1,770,000; and
Long-term debt of RM200,000.
What is the amount of the firm's total current assets?
RM885,000
RM1,550,000
RM600,000
RM325,000
What is a financial report that summarizes the revenues and expenses of a business?
Income Statement
Balance Sheet
Cash Flow
Statement of Retained Earnings
Which of the following is not a use of financial statements?
It helps assess the financial status and performance of a company.
It is a source of information for stakeholders to make wise decisions.
It essentially reflects the present financial status of a company.
The companies use these statements for policy-making.
The costs incurred in the day-to-day operations of an organization.
Bookeeper
Profit
Revenue
Expenses
The total amount of money received from the sale of goods or services.
Bookeeper
Profit
Revenue
Expenses
The difference between what it costs to make and sell a product and what a customer pays for it.
Bookeeper
Profit
Revenue
Expenses
A financial report that shows an organization’s profitability over a period of time – month, quarter, or year.
Statement of Financial Position
Statement of the Comprehensive Income
Statements of Cash Flow
Cost of Goods Sold
A “snapshot” of an organization’s financial position at a given time.
Statement of Financial Position
Statement of the Comprehensive Income
Statements of Cash Flow
Cost of Goods Sold
The amount of money a firm spent to buy or produce the products it sold during the period to which the income statement applies.
Statement of Financial Position
Statement of the Comprehensive Income
Statements of Cash Flow
Cost of Goods Sold
A firm’s financial obligations to short-term creditors, which must be repaid within one year.
Current Assets
Current Liabilities
Accounts Receivable
Accounts Payable
