Class 11th ACCOUNTS Financial Statements Quiz
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Questions and Answers

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

  • Cash flow statement
  • Income statement
  • Statement of changes in equity
  • Balance sheet (correct)

    • What is the formula to calculate gross profit?

  • Net sales - Cost of goods sold (correct)
  • Operating income + Non-operating income
  • Net income - Operating expenses
  • Net profit margin / Net sales

    • What does the term 'accrual' refer to in accounting?

  • Expenses paid in advance
  • Revenue earned but not yet received (correct)
  • Cash paid after it is earned
  • Cash received before it is earned

    • Which financial statement summarizes a company's revenues and expenses over a period of time?

    <p>Income statement</p> Signup and view all the answers

    What is the purpose of the statement of owner's equity?

    <p>To show changes in the owner's investment in the business</p> Signup and view all the answers

    What is the main purpose of the balance sheet?

    <p>To report the company's assets, liabilities, and equity at a specific point in time</p> Signup and view all the answers

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