QUIZ IN GROUP 1 REPORT

QUIZ IN GROUP 1 REPORT

1st Grade

21 Qs

quiz-placeholder

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QUIZ IN GROUP 1 REPORT

QUIZ IN GROUP 1 REPORT

Assessment

Quiz

Business

1st Grade

Hard

Created by

Elwood Jaylord Romero

Used 1+ times

FREE Resource

21 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which of the following is true about Financial Statements?

A.) Financial Statement is only a Business Document that shows a company's Business Transactions.

B.) Financial Statement is a statement that shows the company's position, performance, and progress over a period of time.

Both A and B

All of the above

Answer explanation

Letter A is incorrect because of the word "only". Therefore, Letters C and D are also incorrect.

2.

FILL IN THE BLANK QUESTION

10 sec • 1 pt

It is one of the Components of a Financial Statement that shows the Assets, Liabilities, and Owners' Equity in a company.

3.

FILL IN THE BLANK QUESTION

10 sec • 1 pt

Is a Financial Statement solely used to determine the a company's Business Transactions, records, and cash flows? Is it True or False?

Answer explanation

The main goal of a Financial Statement is not just to show the Business records, transactions, and cash flows but also to show the company's performance, credibility, and progress.

4.

FILL IN THE BLANK QUESTION

10 sec • 1 pt

It is a collection of summary-level reports about an organization's financial results, financial position, and cash flows.

5.

FILL IN THE BLANK QUESTION

10 sec • 1 pt

Financial Statements are used to determine the ability of a business to generate cash, and the sources and uses of that cash. Is it True or False?

6.

FILL IN THE BLANK QUESTION

10 sec • 1 pt

Financial Statements are used as the basis for an annual report, which is distributed to a company’s investors and the investment community. Is it True or False?

7.

FILL IN THE BLANK QUESTION

10 sec • 1 pt

Financial statements are important to investors because they can provide enormous information about a company's revenue, expenses, profitability, debt load, and the ability to meet its short-term and long-term financial obligations. Is it True or False?

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