Long Test

Long Test

1st - 12th Grade

20 Qs

quiz-placeholder

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20.2: Preparing Financial  Statements

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Long Test

Long Test

Assessment

Quiz

Business

1st - 12th Grade

Medium

Created by

laila jawod

Used 3+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Something the business owns.

Assets

Liabilities

Revenues

Expenses

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Amount owed by a business.

Assets

Liabilities

Owners Equity

Expenses

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the:

Statement of Financial Position

Income Statement

Statement of Changes in Equity

Cash Flow Statement

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A statement of financial position shows

how much gross profit it has

how much net profit it has

How much a business owns and owes

All of the Above

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Capital is ……

what the business owns and what is owed

what the business owes to other people

How the business is funded

None of the Above

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A financial statement that shows the inflows and outflows of cash during a particular period of time is known as:

Statement of Financial Position

Statement of Comprehensive Income

Statement of Changes in Equity

Cash Flow Statement

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is not an operating cash flow?

collection of cash from receivables

payment of income tax

payment of cash for operating expenses

Purchase of equipment for cash

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