Financial Statement

Financial Statement

University

7 Qs

quiz-placeholder

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Financial Statement

Financial Statement

Assessment

Quiz

Other

University

Practice Problem

Hard

Created by

Franzceck Suarez

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7 questions

Show all answers

1.

OPEN ENDED QUESTION

3 mins • 1 pt

Relevance of Understanding the Financial Statements

Evaluate responses using AI:

OFF

Answer explanation

* To understand a company’s business activities to

analyze the effectivity of a company or infer its value.

* To conduct the following activities:

- Plan business activities

- Finance those activities

- Invest in those activities

- Engage in operating activities

2.

OPEN ENDED QUESTION

3 mins • 1 pt

General Objectives of Financial Statements

Evaluate responses using AI:

OFF

Answer explanation

1. Providing Information for Economic Decisions

2. Providing Information About Financial Position

3. Providing Information About Performance of an

Enterprise

4. Providing Information About Changes in Financial

Position

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Current assets are often called __________ because these assets “turn over” or are used and then replaced throughout the year

4.

FILL IN THE BLANK QUESTION

1 min • 1 pt

____________are often called working capital because these assets “turn over” or are used and then replaced throughout the year

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

the difference between current assets minus current liabilities

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The process of extracting information from financial statements to better understand a company’s current and future performance and financial condition

7.

OPEN ENDED QUESTION

3 mins • 1 pt

Primary users of the financial accounting information

Evaluate responses using AI:

OFF

Answer explanation

1. Managers and Employees

2. Investors and Analysts

3. Creditors and Suppliers

4. Shareholders and Directors

5. Regulatory and Tax agencies

6. Customers and Potential Strategic Partners

7. Other decision makers