Quiz: Test Your Knowledge On Financial Accounting
10 Questions
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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
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