Financial Statements Quiz
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Questions and Answers

Which of the following is a core financial statement?

  • The Income Statement
  • The Trial Balance (correct)
  • The Balance Sheet
  • Statement of Cash Flows

    • Which of the following is a form of the income statement?

  • Single Step Income Statement (correct)
  • Statement of Cash Flows
  • Multi Step Income Statement
  • Balance Sheet

    • Which account types increase by debits in double-entry accounting?

  • Assets, Revenue, Gains
  • Assets, Expenses, Losses (correct)
  • Expenses, Liabilities, Losses
  • Gains, Expenses, Liabilities

    • Where are accounts receivable found in the balance sheet?

    <p>Current asset section</p> Signup and view all the answers

    Which of the following is NOT a field of accounting?

    <p>Marketing accounting</p> Signup and view all the answers

    Who are the stakeholders that accounting information is communicated to?

    <p>Investors, creditors, and regulators</p> Signup and view all the answers

    What is the primary focus of financial accounting?

    <p>Preparing financial statements for external users</p> Signup and view all the answers

    Which of the following is NOT a field of accounting?

    <p>Public accounting</p> Signup and view all the answers

    Which of the following is a key role of accounting?

    <p>Measuring and processing financial information</p> Signup and view all the answers

    What is accounting often referred to as?

    <p>The language of business</p> Signup and view all the answers

    Which of the following is a field of accounting that focuses on the measurement, analysis, and reporting of financial information to external users?

    <p>Financial accounting</p> Signup and view all the answers

    Which of the following is NOT a stakeholder to whom accounting information is communicated?

    <p>Customers</p> Signup and view all the answers

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