What is the purpose of an income statement?
Accounting Terminologies

Quiz
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Other
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9th Grade
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Hard
Natalia Fenech
Used 1+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To determine the company's customer satisfaction and loyalty.
To calculate the company's total assets and liabilities.
To provide a summary of a company's revenues, expenses, and net income over a specific period of time.
To track the company's stock prices and market value.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which financial statement shows the financial position of a company at a specific point in time?
balance sheet
statement of retained earnings
cash flow statement
income statement
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a cash flow statement?
To provide information about cash inflows and outflows
To track the movement of physical cash
To calculate the net worth of a company
To determine the market value of a company
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are accounts payable?
Amount of money owed to customers for goods or services received but not yet paid for.
Amount of money owed to suppliers or vendors for goods or services received but not yet paid for.
Amount of money owed to employees for goods or services received but not yet paid for.
Amount of money owed to shareholders for goods or services received but not yet paid for.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are accounts receivable?
Amounts owed to a company by its suppliers for goods or services provided on credit.
Amounts owed to a company by its employees for goods or services provided on credit.
Amounts owed to a company by its shareholders for goods or services provided on credit.
Amounts owed to a company by its customers for goods or services provided on credit.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula to calculate net income?
Total revenue - Total expenses
Total revenue / Total expenses
Total revenue x Total expenses
Total revenue + Total expenses
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula to calculate total assets?
Total assets = Current assets - Non-current assets
Total assets = Current liabilities + Non-current liabilities
Total assets = Current assets * Non-current assets
Total assets = Current assets + Non-current assets
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