Financial Statements Quiz

Froggy Jumps

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Accounts and statements basics

Marisela Santiago Castro

Puerto Rico

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Financial Statements Quiz


Froggy Jumps Financial Statements QuizVersion en ligne Accounts and statements basics par Marisela Santiago Castro 1 Which financial statement reports a company’s assets, liabilities, and equity at a point in time? a Cash flow statement b Balance sheet c Income statement 2 What does the income statement primarily show for a period? a Asset levels over time b Cash balances during the period c Revenues minus expenses = net income 3 Which item is a current asset most likely to include? a Goodwill b Accounts receivable c Owner's equity 4 Dividends are: a Expenses b Distributions to owners c Liabilities 5 Which financial statement explains changes in cash over a period? a Statement of retained earnings b Balance sheet c Cash flow statement 6 Accounts payable are what type of financial statement item? a Asset b Revenue c Liability 7 Retained earnings appear on which financial statement? a Income statement b Balance sheet (as part of equity) c Cash flow statement 8 Which measure indicates liquidity and short-term financial health? a Net income b Working capital c Equity capital 9 Which equation represents the basic accounting equation? a Assets + Liabilities = Equity b Revenues − Expenses = Net income c Assets = Liabilities + Equity 10 Which item would NOT appear on the cash flow from financing activities? a Payment for equipment purchase b Issuance of common stock c Proceeds from a loan