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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. All assets not listed as current






2. Recorded when a company closes down or sells part of its business






3. Cost of television programs that will be aired during the next year






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






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






6. Stock market trading price of the company's common stock






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






8. Companies divide net income by the actual average number of common shares outstanding






9. Shares are bought and sold on stock exchanges such as the New york stock exchange






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






11. Costs incurred to produce revenues






12. Merchandise held for sale to customers






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






14. Reports cash inflows + cash outflows during an accounting period






15. Smaller proportional increases in the number of shares outstanding






16. Assets=

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17. Contracts that give their holders the right to buy or sell shares of stock at a certain market price






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






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






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






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. Net Income/ total assets reveals how efficiently assets are used to generate profit






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






24. Subtracting operating expenses from gross profit (Income from Operations)






25. Net income earned by the company since its incorporation and not yet distributed as dividends






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






27. Due after 12 months






28. Idea that accountants usually record transactions when they occur - not necessarily when cash is recieved or paid






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. Revenues-Expenses






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






33. Actual currency - bank accounts - and investments that can be liquidated immediately






34. Borrowing corporation records bonds payable






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






36. Patents - trademarks - and copyrights that have value but not any physical presence






37. Highly unusual transactions that are considered unusual in nature and infrequent in occurence






38. Carries a dividend rate which must be paid to preferred stockholders before any dividends can be paid to common stockholders






39. Total amount of depreciation expensed since the assets' date of purchase






40. Cost of bringing in revenues






41. When a company sells stock to the public for the first time as a publicly traded corporation






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






43. This is what it costs to produce a product or provide a service






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






45. Are liabilities due within 12 months






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






47. Defines ethical behavior code of professional conduct






48. Refer to revenues from the sale of merchandise






49. Equals the difference between revenues and cost of sales






50. Expected to be converted into cash - sold - or consumed within the next 12 months







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Can you answer 50 questions in 15 minutes?


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