Question 1

The basic components of financial statements include all of the following, EXCEPT

Accepted Answer

Statement of Retained Earnings

Answer

Cash Flow Statement

Answer

Statement of Recognized Gains and Losses

Answer

Statement of Changes in Equity

Question 2

It presents an indication in conformity with GAAP of the financial status of the enterprise at a particular point in time.

Accepted Answer

Balance Sheet

Answer

Statement of Earnings

Answer

Cash Flow Statement

Answer

Statement of Retained Earnings

Question 3

The most important information about a company generally should be disclosed in

Accepted Answer

The body of the financial statements

Answer

Schedules

Answer

Supplementary statements

Answer

Notes to the financial statements

Question 4

Which account does NOT belong to the group of current assets.

Accepted Answer

Computer

Answer

Cash

Answer

Accounts Receivable

Answer

Petty Cash Fund

Question 5

Which account does NOT belong to the group of non-current liabilities.

Accepted Answer

Accounts Payable

Answer

Bonds Payable

Answer

Mortgage Payable

Answer

Long-term Debt

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