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Financial Statements

Subject : business-skills
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Total amount of depreciation expensed since the assets' date of purchase






2. Smaller proportional increases in the number of shares outstanding






3. Arise from the sale of long-lived assets or investments






4. Attest to whether a company's financial statements comply with the GAAP rules






5. Relate to how a company finances its assets with debt or stockholders' equity






6. Establish auditing standards and conduct inspections of the public accounting firm that perform audits






7. Largest expense item which reports the wholesale costs of inventory sold during the accounting period






8. Proportional increases in the number of shares outstanding






9. Assets- Liabilitie+ Equity OR Assets Liabilities- assets






10. A legal value assigned to each share of stock






11. Compares all amounts within one year to revenue of that same year






12. Licensed by the state/conduct audits






13. Recorded in stockholders equity 1. unrealized gains/losses on certain securities 2. Foreign currency translation adjustments 3. Certain gains/losses on pension plans






14. Current amount/base year amount x 100 measures the percentage of change from the base year and indicates growth trends for a company






15. Sales revenue/ total assets measures how efficiently the company uses assets to generate revenue






16. Compares all amounts within on year to total assets of that same year






17. Standardizes each item as based on a base year and reports data for subsequent years as a multiple of the standard






18. Monies to be recieved by the company from customers






19. Stock bought back from investors not recorded as an asset because it is impossible for a company to own itself






20. Annual common stock dividends paid/average number of common shares outstanding - amount of dividends paid annually for each share of stock held by investors






21. States that companies should record assets and services at their acquisition cost - the amount paid for them - because this is the most reliable information






22. Provides a snapshot of a company's financial position as of a certain date






23. Firm's ability to satisfy long term debt






24. Net Income-Preferred dividends/Average number of common shares outstanding - Amount of net income earned by each individual share of stock held by investors






25. Rules that management must follow when preparing financial statements available to investors






26. A company's ability to pay liabilities for many years into the future






27. Current assets/current liabilites - measure short term liquidity and the ability to pay current liabilities as they come due






28. Entities owning shares of stock are the owners of the corporation






29. Portion of assets the owners are free and clear of any liabilities

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30. Gross profit/Sales revenue - compares gross profit to revenue expressing gross profit as a percentage of net revenue






31. Defines ethical behavior code of professional conduct






32. Amounts to be recieved in the future from customers






33. The total number of shares actually held by investors at a given time - =Shares issued-treasury shares






34. Amounts paid by stockholders to purchase common stock and preferred stock






35. Firm's ability to satisfy short term debt






36. A company's ability to pay liabilities as they come due in the next year






37. Total liabilities/ Total assets reveals the proportion of assets financed with debt and solvency






38. Expresses each balance sheet item as a percentage of total assets






39. Cash - Accounts Recievable - Inventory






40. Relate to the need for investing in property - plant - and equipment or expanding by making investments in other companies






41. Merchandise held for sale to customers






42. All assets not listed as current






43. Amounts recieved from customers for products sold or services provided






44. Reports the company's profitability during an accounting period






45. Items of value such as inventory and equipment are financed with liabilities(debt) or stockholders' equity(owners' shares






46. Retained earnings + Net Income - (Dividends)






47. Refer to revenues from the sale of merchandise






48. Indicate that returns or discounts were subtracted from total sales






49. Expresses each income statement item as a percentage of sales






50. Contributed capital - beginning + issuance of shares - (Repurchase to retire shares)







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Can you answer 50 questions in 15 minutes?


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