Financial Statements Quiz
5 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

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</p> Signup and view all the answers

    What does a statement of changes in equity or statement of equity report on?

    <p>Reports on the changes in equity over time</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser