5 Written Questions
5 Matching Questions
- Net income
- Management discussion and analysis (MD&A)
- income statement
- Statement of cash flows
- a The amount by which revenues exceed expenses
- b A financial statement that provides financial information about the cash receipts and cash payments of a business for a specific period of time.
- c the cost of assets consumed or services used in the process of generating revenues
- d a financial statement that presents the revenues and expenses and resulting net income or net loss of a company for a specific period of time
- e A section of the annual report that presents management's views on the company's ability to pay near-term obligations, its ability to fund operations and expansion, and its results of operations.
5 Multiple Choice Questions
- The information system that identifies, records, and communicates the economic events of an organization to interested users
- term used to describe the total amount paid in by stockholders for the shares they purchase
- Notes that clarify information presented in the financial statements, as well as expand upon it where additional detail is needed.
- Resources owned by a business
- Assets = Liabilities + Stockholders' Equity
5 True/False Questions
net loss → the amount by which expenses exceed revenues
Certified Public Accountant (CPA) → Assets = Liabilities + Stockholders' Equity
Retained earnings statement → A financial statement that summarizes the amounts and causes of changes in retained earnings for a specific period of time.
Sole proprietorship → A business owned by two or more persons associated as partners.
Auditor's report → a report prepared by corporate management that presents financial information inculding financial statements, notes, a management discussion and analysis section, and an independent auditor's report