Financial Reporting, Finance And Accounting

Question: How are the Cash Flow Statement and Balance Sheet related?
A
The ending cash balance on the Balance Sheet is transferred to the current period Cash Flow Statement

B
There is no relation

C
If the cash flow statement is prepared, the balance sheet does not have to show cash

D
Ending cash balance from the Cash Flow Statement is transferred to the Balance Sheet

Note: Not available
1. Report
Question: What are the four traits of a useful financial statement?
A
Material, Timely, Accurate, Cash Basis

B
Bi Weekly, Audited, Outsourced, Comparable

C
Relevant, Accurate, Cash Basis, Bi Weekly

D
Understandable, Relevant, Reliable, Comparable

Note: Not available
1. Report
Question: Which of the following errors/s can a trial balance be used to detect?
A
A calculation error resulting in sales tax being entered twice

B
The omission of depreciation on a new asset purchase

C
A transposition error when entering the credit side of an entry

D
A missing payroll entry

Note: Not available
1. Report
Question: What is the purpose of an income statement?
A
To show the reader how the company made and spent money in the period presented

B
To examine income tax liability

C
To show how much cash was generated in the period presented

D
To determine management bonuses at year end

Note: Not available
1. Report
Question: What is Treasury Stock?
A
Stock purchased by the U.S. Treasury Department

B
Stock repurchased by the issuing company, reducing the amount of stock outstanding in the open market

C
Stock purchased by the treasurer of the company for their personal portfolio

D
Stock not allowed to be purchased in the first 30 days after IPO

Note: Not available
1. Report
Question: How do investors turn the information on the financial statements into more useful data which is comparable to other companies?
A
Read all of the notes

B
Skip to the net income number, the only important number

C
Track cash balance

D
Perform financial analysis

Note: Not available
1. Report
Question: What is another name for the Income Statement?
A
Income Statement

B
Profit & Loss Statement

C
Statement of Cash Flows

D
Statement of Financial Position

Note: Not available
1. Report
Question: Which is/are the primary financial statements used to measure solvency?
A
Balance Sheet

B
Income Statement

C
Balance Sheet and Income Statement

D
Cash Flow Statement and Income Statement

Note: Not available
1. Report
Question: The formula to calculate Ending Retained Earnings is ______.
A
Ending Retained Earnings = Cash + Current Assets - Fixed Assets

B
Ending Retained Earnings = Beginning RE - Investments - Dividends Paid + Net Income

C
Ending Retained Earnings = Investments + Dividends - Net Income

D
Ending Retained Earnings = Change in Accounts Receivable - Change in Accounts Payable

Note: Not available
1. Report
Question: The three sections of a Statement of Cash Flows are _____.
A
Leverage, liquidity, financing

B
Operating, investing, profit

C
Operating, investing, financing

D
Sales, investing, financing

E
Operating, investing, borrowing

Note: Not available
1. Report

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Question: How are the Cash Flow Statement and Balance Sheet related?

Question: What are the four traits of a useful financial statement?

Question: Which of the following errors/s can a trial balance be used to detect?

Question: What is the purpose of an income statement?

Question: What is Treasury Stock?

Question: How do investors turn the information on the financial statements into more useful data which is comparable to other companies?

Question: What is another name for the Income Statement?

Question: Which is/are the primary financial statements used to measure solvency?

Question: The formula to calculate Ending Retained Earnings is ______.

Question: The three sections of a Statement of Cash Flows are _____.