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FAMB 1 MIdterm Exam

Quiz by Michael Roque

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47 questions
Show answers
  • Q1
    What is the purpose of a balance sheet in accounting?
    To manage the cash flows of a company.
    To record revenue and expenses of a company over a period of time.
    To present the financial position of a company at a specific point in time.
    To calculate the profitability of a company.
    30s
  • Q2
    What is the purpose of an income statement in accounting?
    To calculate the value of a company's assets and liabilities.
    To track the cash inflows and outflows of a company.
    To show a company's performance and profitability over a specific period of time.
    To analyze a company's financial position at a specific point in time.
    30s
  • Q3
    What is the purpose of a trial balance in accounting?
    To prepare financial statements for external stakeholders.
    To record and summarize financial transactions.
    To ensure that total debits equal total credits in the ledger.
    To calculate the net income of a company.
    30s
  • Q4
    What is the purpose of the cash flow statement in accounting?
    To calculate the profitability and performance of a company.
    To show the cash inflows and outflows of a company over a specific period of time.
    To track the inventory and cost of goods sold of a company.
    To evaluate the financial position of a company at a specific point in time.
    30s
  • Q5
    What is the purpose of a general ledger in accounting?
    To calculate the net income of a company.
    To present the financial position of a company at a specific point in time.
    To record and summarize financial transactions of a company.
    To manage the cash flows of a company.
    30s
  • Q6
    What is the purpose of the statement of cash flows in accounting?
    To record and summarize financial transactions of a company.
    To disclose the sources and uses of cash by a company during a specific period of time.
    To present the financial position of a company at a specific point in time.
    To calculate the profitability and performance of a company.
    30s
  • Q7
    What is the accounting equation?
    Debits = Credits
    Revenue = Expenses + Net Income
    Equity = Assets - Liabilities
    Assets = Liabilities + Equity
    Income = Revenue - Expenses
    30s
  • Q8
    Which of the following financial statements shows the profit or loss of a company over a specific period?
    Statement of cash flows
    Trial balance
    Retained earnings statement
    Balance sheet
    Income statement
    30s
  • Q9
    What is the purpose of the balance sheet in accounting?
    To determine the company's financial performance over a specific period of time.
    To show the company's financial position at a specific point in time.
    To calculate the net income or net loss generated by the company.
    To record and summarize all the transactions related to revenues and expenses.
    To provide detailed information about the cash flows of a company.
    30s
  • Q10
    What is the purpose of the statement of retained earnings in accounting?
    To determine the company's financial position at a specific point in time.
    To provide information about a company's cash inflows and outflows during a specific period of time.
    To record and summarize all the transactions related to revenues and expenses.
    To show the changes in a company's retained earnings over a specific period of time.
    To allocate the cost of a tangible asset over its useful life.
    30s
  • Q11
    What does the term 'debit' mean in accounting?
    Recording a decrease in an asset or an expense, or an increase in a liability or equity.
    The total amount of money owed to creditors by a company.
    The records where all financial transactions are initially recorded.
    Recording an increase in an asset or an expense, or a decrease in a liability or equity.
    The process of allocating the cost of an asset over its useful life.
    30s
  • Q12
    Which branch of accounting involves the examination and verification of financial records?
    Management accounting
    Auditing
    Tax accounting
    Financial accounting
    30s
  • Q13
    Which branch of accounting focuses on the calculation and reporting of a company's income, expenses, and profitability?
    Financial accounting
    Management accounting
    Cost accounting
    Tax accounting
    30s
  • Q14
    Which branch of accounting involves the analysis and preparation of budgets and forecasts?
    Budgeting
    Tax accounting
    Financial accounting
    Cost accounting
    30s
  • Q15
    Which branch of accounting involves the analysis and interpretation of financial data for internal decision making?
    Tax accounting
    Auditing
    Management accounting
    Financial accounting
    30s

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