Analysis And Reporting Of Financial Accounting Quiz

10 Questions | Total Attempts: 209

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Financial Accounting Quizzes & Trivia

Financial Accounting 1


Questions and Answers
  • 1. 
    What are assets?
    • A. 

      Sales of products or services

    • B. 

      Amounts owed

    • C. 

      Distributions to stockholders

    • D. 

      Resources owned

    • E. 

      Owners' claims to resources

  • 2. 
    What are liabilities?
    • A. 

      Costs of selling products or services

    • B. 

      Distributions to stockholders

    • C. 

      Owners' claims to resources

    • D. 

      Expense to run business

    • E. 

      Amounts owed

  • 3. 
    What is stockholders' equity?
    • A. 

      Sales of products or services

    • B. 

      Owners' claims to resources

    • C. 

      Resources owned

    • D. 

      Costs of selling products or services

    • E. 

      Amounts owed

  • 4. 
    What are dividends?
    • A. 

      Sales of products or services

    • B. 

      Owners' claims to resources

    • C. 

      Distributions to stockholders

    • D. 

      Amounts owed

    • E. 

      Expense to run business

  • 5. 
    What's revenue?
    • A. 

      Costs of selling products or services

    • B. 

      Expense to run business

    • C. 

      Sales of products or services

    • D. 

      Distributions to stockholders

    • E. 

      Assets purchased to run business

  • 6. 
    What are expenses?
    • A. 

      Costs of selling products or services

    • B. 

      Sales of products or services

    • C. 

      Amounts owed

    • D. 

      Distributions to stockholders

    • E. 

      Owners' claims to resources

  • 7. 
    What is the accounting equation?
    • A. 

      Assets - liabilities = stockholders' equity

    • B. 

      Assets + liabilities = stockholders' equity

    • C. 

      Liabilities - stockholders' equity = assets

  • 8. 
    What is an example of an expense?
    • A. 

      Bank loan

    • B. 

      Interest paid to a credit union

    • C. 

      Principle paid to Lehman bank

    • D. 

      Monthly rent on office space

  • 9. 
    What is the statement called that measures activities involving cash recipts and cash payments over an interval of time?
    • A. 

      Income Statement

    • B. 

      Balance Sheet

    • C. 

      The Statement of Stockholders' Equity

    • D. 

      The Statement of Cash Flows

  • 10. 
    What piece of company information better explains companies' stock price performance?
    • A. 

      Balance Statement

    • B. 

      Financial accounting net income

    • C. 

      Revenues

    • D. 

      Expenses

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