Quiz 2 : Financial Statements
1. Which document outlines how much money a company possesses at a given moment?
A) Statement of Income
B) Statement of Financial Position
C) Cash Flow
D) Statement of Owner’s Equity
2. An income statement helps you see:
A) All forms of income and costs recorded in one period
B) Issue: A liabilities and assets imbalance
C) How much money goes into and out of your business
D) Owner’s financing
3. What information does the cash flow statement typically include?
A) Profit and loss
B) Changes in assets and liabilities
C) Different ways money comes into and goes out of the system
D) Amounts of owner’s equity rise or fall
4. Assets listed on the balance sheet should amount to the same total as the sum of:
A) Liabilities
B) Equity
C) Liabilities and equity
D) Revenue and expense
5. Which financial statement would show dividends paid to shareholders?
A) Balance Sheet
B) Income Statement
C) Statement of Cash Flows
D) Statement of Retained Earnings
6. Retained earnings appear on which financial statement?
A) Income Statement
B) Statement of Cash Flows
C) Balance Sheet
D) Notes to the Financial Statements
1. Which document outlines how much money a company possesses at a given moment?
A) Statement of Income
B) Statement of Financial Position
C) Cash Flow
D) Statement of Owner’s Equity
2. An income statement helps you see:
A) All forms of income and costs recorded in one period
B) Issue: A liabilities and assets imbalance
C) How much money goes into and out of your business
D) Owner’s financing
3. What information does the cash flow statement typically include?
A) Profit and loss
B) Changes in assets and liabilities
C) Different ways money comes into and goes out of the system
D) Amounts of owner’s equity rise or fall
4. Assets listed on the balance sheet should amount to the same total as the sum of:
A) Liabilities
B) Equity
C) Liabilities and equity
D) Revenue and expense
5. Which financial statement would show dividends paid to shareholders?
A) Balance Sheet
B) Income Statement
C) Statement of Cash Flows
D) Statement of Retained Earnings
6. Retained earnings appear on which financial statement?
A) Income Statement
B) Statement of Cash Flows
C) Balance Sheet
D) Notes to the Financial Statements
