Accounts Practitioner-Financial Foundation

"Financial statements" for a company include:

• Balance sheet only

• Balance sheet and P&L only

• Balance sheet, P&L, Cash Flow Statement, and Statement of Changes in Equity

• None of the above

Which is NOT a stakeholder of Financial Statements mentioned in the text?

• Investors

• Employees

• Competitors

• Lenders

The financial statement build cycle starts with:

• Trial Balance

• Account Ledger

• Voucher

• Final Accounts

Which of the following is NOT a current asset?

• Trade receivables

• Cash and cash equivalents

• Inventories

• Goodwill

"Trade payables" are:

• Non-Current Liabilities

• Current Liabilities

• Equity

• Assets

Which is part of the Equity section?

• Trade Payables

• Long-term Borrowings

• Share Capital

• Deferred Tax Liabilities

The P&L Statement shows:

• Assets and Liabilities

• Revenues and Expenses

• Cash Flows

• Equity Changes

"Revenue from Operations" is in the:

• Balance Sheet

• P&L Statement

• Cash Flow Statement

• Statement of Changes in Equity

A Balance Sheet shows the position:

• Over a period

• At a specific point

• For the next year

• None of these

"Voucher" refers to:

• Summary of accounts

• Record of a transaction

• Final statements

• Draft statements