
Understanding Financial Statements and Stakeholders

Quiz
•
Business
•
10th Grade
•
Medium

Shona Walker
Used 4+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a profit and loss account (statement of comprehensive income) show?
The financial position of an enterprise at a point in time
The profit or loss of an enterprise over time
The cash flow of an enterprise
The equity of an enterprise
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a component of the profit and loss account?
Revenue
Fixed assets
Gross profit
Expenses
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula for calculating gross profit?
Revenue - Cost of Sales
Revenue - Expenses
Net Profit - Expenses
Cost of Sales + Expenses
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which statement shows the financial performance of an enterprise at a point in time?
Profit and loss account
Balance sheet
Cash flow statement
Statement of changes in equity
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are current assets?
Assets that are expected to be used or converted into cash within one year
Assets that are expected to be used or converted into cash after one year
Assets that are intangible
Assets that are depreciated over time
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is considered a non-current liability?
Accounts payable
Bank loan due in 5 years
Inventory
Cash at bank
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is working capital?
Fixed assets minus current liabilities
Current assets minus current liabilities
Total assets minus total liabilities
Equity minus liabilities
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