Finance And Accounting - Upwork
 

  1. Question: What are the main categories of a balance sheet?

    A
    Sales, COGS, Operating Expenses, Net Income

    B
    Assets, Liabilities, Equity

    C
    Retained Earnings, Current Assets, Current Liabilities

    D
    Cash, Accounts Receivable, Fixed Assets, Long Term Assets

    Note: Not available
    1. Report

  2. Question: What way is government accounting different from public company accounting?

    A
    Government accounting has far more rules than public company accounting

    B
    Government accounting occurs only once per decade

    C
    The chart of accounts and financial statements are classified and organized differently

    D
    Governments trade their shares in a different market than Public companies and thus report differently

    Note: Not available
    1. Report

  3. Question: What is the one problem while comparing financial statements with companies based in different countries?

    A
    Countries use different accounting standards, comparisons can only be made directly with countries using GAAP

    B
    The exchange rate needs to be applied

    C
    Other countries do not audit their financial statements as thoroughly

    D
    Product lines are completely different making a comparison unusable

    Note: Not available
    1. Report

  4. Question: Which is the primary financial statement used to measure profitability?

    A
    Balance Sheet

    B
    Income Statement

    C
    Cash Flow Statement

    D
    None of these

    Note: Not available
    1. Report

  5. Question: How are the income statement and balance sheet linked?

    A
    Cash from the balance sheet transfers to the income statement

    B
    They are not linked directly

    C
    All debt payments show on both the income statement and balance sheet

    D
    Net income from the income statement transfers to the balance sheet equity section

    Note: Not available
    1. Report

  6. Question: Which method of preparing the statement of cash flows begins with Net Income?

    A
    Direct

    B
    Indirect

    C
    Current Period

    D
    Accrual

    Note: Not available
    1. Report

  7. Question: By doing/issuing which of the following could a company raise short-term funds by selling receivables and inventory?

    A
    By factoring

    B
    By pledging inventory

    C
    By line of credit

    D
    By Notes

    E
    By term loan

    Note: Not available
    1. Report

  8. Question: How would the financial statements be useful for a Company Manager?

    A
    To decide whether to buy more stock or sell off the stock they own before financial reports become public

    B
    To compete against other departments for best sales

    C
    To make operational decisions based on comparing past and current results

    D
    To decide whether to double fixed assets in the next period

    Note: Not available
    1. Report

  9. Question: What is one possible use employees would have for the company financial statements?

    A
    Employees can justify larger personal expense reports if the company is doing well

    B
    The better the company is performing, the more leeway the employees have for making small mistakes

    C
    Employees have a vested interest in the company for job security and any equity incentive they have

    D
    The employees can proof read the reports once they are public, looking for possible errors to report to the SEC

    Note: Not available
    1. Report

  10. Question: What is the purpose of the statement of cash flows?

    A
    To demonstrate how the company used their cash in the period reported

    B
    To show net income

    C
    To show how much cash the company collected in the period reported

    D
    To show outstanding loans and loan payments made

    Note: Not available
    1. Report
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