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12.2 Financial Records

Total questions: 11

Worksheet time: 6mins

Name
Class
Date
1.

Financial statements are used to record and analyze the financial performance of a business.

a)

True

b)

False

2.

name the buildings, and equipment owned by the business, their original and current value, and the amount owed if money was borrowed to purchase the assets.

a)

Asset Records

b)

Depreciation Records

c)

Inventory Records

d)

Cash Records

3.

______identify the amount assets have decreased in value due to their age and use.

a)

Asset Records

b)

Depreciation Records

c)

Inventory Records

d)

Cash Records

4.

______identify the type and number of products on hand for sale. Adequate records are crucial to correctly determine the number of products sold, damaged, or lost and the current value of that inventory.

a)

Asset Records

b)

Depreciation Records

c)

Inventory Records

d)

Cash Records

5.

______identify all purchases and sales made using credit.

a)

Payroll Records

b)

Cash Records

c)

Tax Records

d)

Records of accounts

6.

______list all cash received and spent by the business.

a)

Payroll Records

b)

Cash Records

c)

Tax Records

d)

Records of accounts

7.

______identifies the companies from which credit purchases were made and the amount purchased, paid, and owed.

a)

Payroll Records

b)

Accounts Payable Records

c)

Tax Records

d)

Records of accounts

8.

______identifies customers that made purchases using credit and the status of each account

a)

Payroll Records

b)

Accounts Payable Records

c)

Accounts Receivables Records

d)

Records of accounts

9.

______contain information on all employees of the company, their compensation, and benefits.

a)

Payroll Records

b)

Accounts Payable Records

c)

Accounts Receivables Records

d)

Records of accounts

10.

______show all taxes collected, owed and paid.

a)

Cash Records

b)

Accounts Payable Records

c)

Tax Records

d)

Asset records

11.

______show all taxes collected, owed and paid.

a)

Cash Records

b)

Accounts Payable Records

c)

Tax Records

d)

Asset records