Quiz: Test Your Knowledge On Financial Accounting

10 Questions | Total Attempts: 6718

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Quiz: Test Your Knowledge On Financial Accounting


Questions and Answers
  • 1. 
    These are economic resources with the ability or potential to provide future benefits?
    • A. 

      Assets

    • B. 

      Liabilities

    • C. 

      Shareholder's Equity

    • D. 

      Retained Earnings

  • 2. 
    When revenue is greater than expenses, you have a ___?
    • A. 

      Net Loss

    • B. 

      Net Income

    • C. 

      Contributed Capital

    • D. 

      Historical Valuation

  • 3. 
    Assets - Liabilities = ____?
    • A. 

      Net Income

    • B. 

      Revenue

    • C. 

      Net Loss

    • D. 

      Shareholder's Equity

  • 4. 
    Which financial statement shows the results of the operating activities of a firm for a specific period of time?
    • A. 

      Trial Balance

    • B. 

      Balance Sheet

    • C. 

      Income Statement

    • D. 

      Statement Of Cash Flows

  • 5. 
    This statement reports the net cash flows relating to operating, investing, and financing activities for a period of time?
    • A. 

      Income Statement

    • B. 

      Unadjusted Trial Balance

    • C. 

      Statement Of Cash Flows

    • D. 

      Comparative Balance Sheet

  • 6. 
    Which government agency has the authority to set acceptable accounting methods in the U.S.?
    • A. 

      FAA

    • B. 

      FASB

    • C. 

      SEC

    • D. 

      EEOC

  • 7. 
    • A. 

      Present Value

    • B. 

      Historical Value

    • C. 

      Net Realizable Value

    • D. 

      Current Replacement Cost

  • 8. 
    Which is an example of an intangible asset?
    • A. 

      Cash

    • B. 

      Tools & Equipment

    • C. 

      Supplies

    • D. 

      Patent

  • 9. 
    Earnings that a firm realizes in excess of dividends are called what?
    • A. 

      Income Statement

    • B. 

      Revenues

    • C. 

      Retained Earnings

    • D. 

      Expenses

  • 10. 
    A ____ lists each of the accounts in the general ledger with its balance as of a particular date. What is it?
    • A. 

      Statement Of Retained Earnings

    • B. 

      Balance Sheet

    • C. 

      Trial Balance

    • D. 

      General Journal