Financial Reporting
Quiz by Kaley Quast
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6 questions
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- Q1What is the primary financial statement that summarizes a company's revenues and expenses over a period of time?Balance sheetStatement of retained earningsCash flow statementIncome statement30s
- Q2Taxes owed are an example of what balance sheet component?Shareholder's EquityAssetsLiabilities30s
- Q3Which financial statement shows a company's assets, liabilities, and shareholders' equity at a specific point in time?Income statementBalance sheetStatement of retained earningsCash flow statement30s
- Q4Food cost is an example of which component of the income statement?ExpensesGainsRevenueLosses30s
- Q5Which financial statement reports the cash inflows and outflows from operating, investing, and financing activities?Income statementBalance sheetCash flow statementStatement of retained earnings30s
- Q6A balance sheet will always show that Assets = Liability + Owner's EquitySometimes TrueTrueFalse30s