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Test your basic knowledge |
Financial Statements
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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Match each statement with the correct term.
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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. Actual currency - bank accounts - and investments that can be liquidated immediately
Cash and Cash equivalents
Retained Earnings
Return on Common Equity
Investing activities
2. Net Income-Preferred Dividends/Common Stockholders equity - To analyze stock performance
CPAS
Return on Common Equity
Trend index
Initial Public Offering (IPO)
3. Indicate that returns or discounts were subtracted from total sales
Recievables
Trend index
Net Sales
Cost of Goods Sold
4. Portion of assets the owners are free and clear of any liabilities
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5. Entities owning shares of stock are the owners of the corporation
Current ratio
Stock options
Stockholders
Initial Public Offering (IPO)
6. Contributed capital - beginning + issuance of shares - (Repurchase to retire shares)
Vertical common size income statement
Goodwill
Investing activities
Contributed capital (ending)
7. Expected to be converted into cash - sold - or consumed within the next 12 months
Gross Profit
Current assets
Current ratio
Asset Turnover
8. Total amount of depreciation expensed since the assets' date of purchase
Stockholders' Equity
Extraordinary items
Accumulated Depreciation
Stock splits
9. Net Income/ total assets reveals how efficiently assets are used to generate profit
Investing activities
Preferred stock
Statement of cash flows
Return on Asset
10. Recorded in stockholders equity 1. unrealized gains/losses on certain securities 2. Foreign currency translation adjustments 3. Certain gains/losses on pension plans
Asset Turnover
Accumulated other comprehensive income
Vertical common size balance sheet
Trend index
11. Cost of bringing in revenues
Debtor
Expenses
Initial Public Offering (IPO)
Investing activities
12. Assets- Liabilitie+ Equity OR Assets Liabilities- assets
Solvency
Balance Sheet
Nonrecurring items
Accounting Equation
13. Idea that accountants usually record transactions when they occur - not necessarily when cash is recieved or paid
Intangible assets
Stock splits
Trend index
Accrual Accounting
14. Reports the company's profitability during an accounting period
Operating Income
Accounting Equation
Income Statement
Asset
15. The total number of shares actually held by investors at a given time - =Shares issued-treasury shares
Shares Outstanding
FASB
Television costs
Gross Profit
16. Accountants deem unusual and infrequent - may appear in the bottom section of the income statement
Stock dividends
Nonrecurring items
Current assets
Vertical common size income statement
17. Monies to be recieved by the company from customers
Shares Outstanding
Extraordinary items
Recievables
Revenue Recognition Principle
18. Borrowing corporation records bonds payable
Debtor
Initial Public Offering (IPO)
liabilities + stockholders' equity
Accounts Payable
19. Operating Income/Interest Expense - compares the amount of income available to make interest payments to interest payment requirements
Times Interest Earned Ration
Basic earnings per share
Horizontal common size statement
Gross Profit
20. Net Income/Sales Revenue measures the profitability of each dollar of revenue
Times Interest Earned Ration
Current ratio
Return on Sales
Retained earnings(ending)
21. Stock market trading price of the company's common stock
Shares Outstanding
Accounts Payable
Intangible assets
Market value per share
22. Net Income/ Stockholders Equity - measures how effectively stockholders' equity is used to produce net income
Financing activities
Accrual Accounting
Current liabilites
Return on Equity
23. Standardizes each item as based on a base year and reports data for subsequent years as a multiple of the standard
Goodwill
Horizontal common size statement
GAAP
Basic earnings per share
24. Measures how efficiently you can generate desired outputs from given inputs
Current liabilites
Productivity
Stockholders' Equity
Noncurrent assets
25. This is what it costs to produce a product or provide a service
CPAS
Accumulated Depreciation
Nonrecurring items
Cost of Goods Sold(COGS)
26. Equals the difference between revenues and cost of sales
liabilities + stockholders' equity
Inventories
Gross Profit
Financing activities
27. Items of value such as inventory and equipment are financed with liabilities(debt) or stockholders' equity(owners' shares
Asset
Cash- Basis Accounting
Television costs
Solvency ratios
28. Expresses each income statement item as a percentage of sales
Discontinued Operations
Stockholders' Equity
Vertical common size income statement
Intangible assets
29. Due after 12 months
Retained earnings(ending)
Noncurrent liabilities
Asset
Par value
30. Firm's ability to satisfy short term debt
Contributed Capital
Debt Ratio
Liquidity ratios
Gross Profit Margin
31. Relate to a company's main business: selling products or services to earn net income
Income Statement
Nonrecurring items
Operating activities
Liquidity
32. Reports cash inflows + cash outflows during an accounting period
Statement of cash flows
Par value
Income Statement
Return on Asset
33. Establish auditing standards and conduct inspections of the public accounting firm that perform audits
CPAS
Current assets
PCAOB
Audits
34. Records transactions when cash is recieved or paid
Treasury stock
Return on Equity
Market value per share
Cash- Basis Accounting
35. Compares all amounts within one year to revenue of that same year
Depreciation Expense
Common size income statement
Accumulated other comprehensive income
Dividend rate
36. Provides a snapshot of a company's financial position as of a certain date
Balance Sheet
Productivity
Vertical common size income statement
Cost of Goods Sold
37. Contracts that give their holders the right to buy or sell shares of stock at a certain market price
Income Statement
Stock options
Financing activities
Common-size balance sheet
38. Includes all costs of generating sales besides cost of sales
Intangible assets
Horizontal common size statement
Operating Expenses
Accounting Equation
39. Smaller proportional increases in the number of shares outstanding
Contributed capital (ending)
Stock dividends
Stock options
FASB
40. Companies divide net income by the actual average number of common shares outstanding
Common size income statement
Statement of Stockholders equity
Basic earnings per share
Accrual Accounting
41. Recorded when a company closes down or sells part of its business
Income Statement
Discontinued Operations
Cost of Goods Sold(COGS)
Net Income
42. Reports if the earnings of this accounting period are distributed as dividends or retained in the business as retained earnings. Also reports amounts paid by stockholders to purchase common stock and preferred stock
Price earnings ratio
Vertical common size income statement
Net Sales
Statement of Stockholders equity
43. Assets=
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44. Net income earned by the company since its incorporation and not yet distributed as dividends
Retained Earnings
Common-size balance sheet
Cost of Goods Sold
Goodwill
45. Shares are bought and sold on stock exchanges such as the New york stock exchange
Operating Income
Gross Profit
Revenue Recognition Principle
Publicly traded
46. Refer to revenues from the sale of merchandise
FASB
Current ratio
Revenue Recognition Principle
Sales
47. A legal value assigned to each share of stock
Return on Asset
Current liabilites
Par value
Liquidity ratios
48. Total assets/Stockholders equity - Explains the difference between return on assets and return on equity. A high debt ratio and the high financial risk can boost profits
Net Sales
Common-size balance sheet
Financial Leverage
Retained earnings(ending)
49. Highly unusual transactions that are considered unusual in nature and infrequent in occurence
Statement of cash flows
Inventories
Extraordinary items
Accounting Equation
50. Amounts to be recieved in the future from customers
Return on Equity
Basic earnings per share
Example of Current Asset
Accounts recievable
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