Financial Statements Quiz

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Download our mobile app to listen on the go

Get App

Questions and Answers

What are the four basic financial statements typically included in financial reports?

Balance sheet, income statement, statement of changes in equity, statement of cash flows (correct)
Profit and loss statement, statement of retained earnings, statement of comprehensive income, statement of revenue & expense
Balance sheet, income statement, cash flow statement, statement of equity
Statement of financial position, profit and loss report, statement of equity, statement of revenue & expense

What does an income statement report on?

Company's cash flow activities
Company's assets, liabilities, and owners equity at a given point in time
Changes in equity over time
Company's income, expenses, and profits over a stated period (correct)

What does a balance sheet or statement of financial position report on?

Company's cash flow activities
Company's income, expenses, and profits over a stated period
Company's changes in equity over time
Company's assets, liabilities, and owners equity at a given point in time (correct)

What information does a profit and loss statement provide?

<p>Information on the operation of the enterprise, including sales and various expenses incurred during the stated period (C)</p> Signup and view all the answers