The Financial Statements! Ultimate Trivia Quiz

10 Questions | By Cvcm_finance | Updated: Mar 22, 2022 | Attempts: 1731

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The Financial Statements! Ultimate Trivia Quiz - Quiz

The financial statements ultimate trivia quiz. There are different types of financial statements prepared by accountants and each of them is designed to explain position of the company when it comes to different topics. Do you know some of the components or how to create a cash flow statement, income statement or balance sheet from different transactions? Do get to refresh your memory by tackling the quick quiz. All the best!

Questions and Answers

1.

Which of the following income/expense will not show up on the Cash Flow Statement?
- A.
  
  Purchase of Goods
- B.
  
  Sale of Equipment
- C.
  
  Dividends
- D.
  
  Depreciation
2.

Which statements will LTB affect?
- A.
  
  Income Statement
- B.
  
  Balance Sheet
- C.
  
  Cash Flow
- D.
  
  All of the above
3.

What does COGS stand for?
- A.
  
  Cost of Great Sales
- B.
  
  Cost of Goods Sold
- C.
  
  Creation of Gross Sales
- D.
  
  Control of Goods Sold
4.

Shipped COGS + Adjustments/Other Std Costs = Standard Costs
- A.
  
  True
- B.
  
  False
5.

Costs which are not tied directly to a PID are:
- A.
  
  Non Material Spend
- B.
  
  Not Materially Special
- C.
  
  Non Manufacturing Spend
- D.
  
  Non Material Spaces
6.

Balance Sheet Equation is:
- A.
  
  Balance Sheet Equation is:
- B.
  
  Assets = Liabilities + Shareholder’s Equity
- C.
  
  Liabilities –Shareholders Equity = Assets
- D.
  
  Assets + Shareholders Equity = Liabilities
7.

The Last Time Buy (LTB), which is EOL components purchased from suppliers, the process was instituted in:
- A.
  
  May 2007
- B.
  
  May 2009
- C.
  
  March 2009
- D.
  
  March 2007
8.

Statement of Cash flows includes cash receipts and cash purchases.
- A.
  
  True
- B.
  
  False
9.

Bookings are recorded on the Income Statement.
- A.
  
  True
- B.
  
  False
10.

Reval/Buydown is
- A.
  
  The expense associated with negotiated cost savings with suppliers as well as revaluation of inventory
- B.
  
  The expense associated with variance in CM manufacturing cycle
- C.
  
  The revenue associated with purchase order adjustments
- D.
  
  The expense associated with BoM adjustments