Financial Statements (1-10)

1. A financial statement that summarizes company revenue and expenses is?

(a) Balance sheet

(b) Statement of owner equity

(c) Income statement

(d) Cash flow statement

Correct! Wrong!

2. Which one of the following tangible fixed assets would not normally be depreciated?

(a) Buildings

(b) Machinery

(c) Land

(d) Equipment

Correct! Wrong!

3. Which financial statement presents a summary of the Assets, Liabilities, and Owners' Equity of a firm?

(a) General ledger

(b) Work sheet

(c) Balance sheet

(d) Cash flow statement

Correct! Wrong!

4. Subtracting all expenses from revenues yields?

(a) Net profit/Loss

(b) Carrying value

(c) Long-term assets

(d) Net liabilities

Correct! Wrong!

5. A financial statement to show what a business owns and owes at a particular point in time?

(a) A cash flow statement

(b) The bank statement for the business

(c) A balance sheet

(d) A statement of retained earnings

Correct! Wrong!

6. If the Gross profit is Rs. 5,000 and the net profit is 25% of the Gross profit. The expenses must be?

(a) Rs. 3,750

(b) Rs. 1,250

(c) Rs. 4,150

(d) Rs. 6,250

Correct! Wrong!

7. A financial document that indicates the success or failure of a business trading over a period of time is called?

(a) A cash flow statement

(b) A retained earnings statement

(c) An income statement

(d) A bank statement

Correct! Wrong!

8. The report of company that shows overall profit on the sale of their goods or the provision of their services?

(a) Trading and Profit & loss account

(b) Cash flow statement

(c) Income Statement

(d) Both a and c

Correct! Wrong!

9. A company has, by the end of its financial period, paid out more Tax than it has to pay. How would this be shown in the balance sheet?

(a) As an accrual Revenue

(b) As a Prepaid within current assets

(c) As a 'creditor due within one year'

(d) As a creditor due after more than one year'

Correct! Wrong!

10. Which of the following financial statements is also known as financial condition?

(a) Balance Sheet

(b) Income Statement

(c) Statement of Cash flows

(d) Bank Statement

Correct! Wrong!

1. A financial statement that summarizes company revenue and expenses is?

2. Which one of the following tangible fixed assets would not normally be depreciated?

3. Which financial statement presents a summary of the Assets, Liabilities, and Owners' Equity of a firm?

4. Subtracting all expenses from revenues yields?

5. A financial statement to show what a business owns and owes at a particular point in time?

6. If the Gross profit is Rs. 5,000 and the net profit is 25% of the Gross profit. The expenses must be?

7. A financial document that indicates the success or failure of a business trading over a period of time is called?

8. The report of company that shows overall profit on the sale of their goods or the provision of their services?

9. A company has, by the end of its financial period, paid out more Tax than it has to pay. How would this be shown in the balance sheet?

10. Which of the following financial statements is also known as financial condition?

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