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Financial Statements and Sub-Units Quiz

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Questions and Answers

What is the scope of financial statements?

To explain the treatment of closing stock
To describe the concept of reserves
To list all outstanding expenses
To provide a detailed summary of all business processes (correct)

What does a financial statement refer to?

A breakdown of dividend and reserves
A summary of profit and loss account
An overview of outstanding expenses
A formal and written record of all financial activities and conditions (correct)

What is the concept of the profit and loss (P&L) account?

To describe the financial performance over a period (correct)
To detail upon the concept of the balance sheet
To provide a structured summary of business processes
To assess the meaning of a financial statement

What is the purpose of finding Earning per Share (EPS) in financial statements?

<p>$EPS = \frac{Net ext{ }Income - Preferred ext{ }Dividends}{Weighted ext{ }Average ext{ }Number ext{ }of ext{ }Shares ext{ }Outstanding}$ (B)</p> Signup and view all the answers