Consolidation Quiz

Which financial statement shows the profit made at the end of a specified period?

• Statement of Financial Position

• Statement of Profit or Loss

• Cash Flow Statement

• Statement of Changes in Equity

Which financial statement reflects the financial position of a business at a specific point in time?

• Statement of Changes in Equity

• Statement of Profit or Loss

• Statement of Financial Position

• Cash Flow Statement

What is an asset in accounting?

• A resource that provides future economic benefits

• Ownership interest of shareholders

• Revenue earned by a business

• An obligation or debt

Which accounts are listed on the Statement of Financial Position?

• Expenses

• Liabilities

• Revenue

• Assets

• Owners Equity

What type of account is Accounts Payable?

• Asset

• Liability

• Revenue

• Expense

What type of account is Mortgage?

• Asset

• Liability

• Revenue

• Expense

What type of account is Commission?

• Asset

• Liability

• Revenue

• Expense

What type of account is Accounts Receivable?

• Asset

• Liability

• Revenue

• Expense

What type of account is a Motor Vehicle?

• Asset

• Liability

• Revenue

• Expense

What type of account is a Advertising?

• Asset

• Liability

• Revenue

• Expense