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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. Amounts recieved from customers for products sold or services provided
liabilities + stockholders' equity
Contributed capital (ending)
Stockholders' Equity
Revenues
2. All assets not listed as current
Nonrecurring items
Noncurrent assets
Publicly traded
Cost of Goods Sold(COGS)
3. Retained earnings + Net Income - (Dividends)
Retained earnings(ending)
Stockholders
Statement of cash flows
Gains and Losses
4. Relate to the need for investing in property - plant - and equipment or expanding by making investments in other companies
Example of Current Asset
Gross Profit Margin
Investing activities
Discontinued Operations
5. Arise from the sale of long-lived assets or investments
Debtor
Gains and Losses
PCAOB
Balance Sheet
6. Reports the company's profitability during an accounting period
Net Income
Income Statement
Contributed Capital
Horizontal common size statement
7. Expresses each income statement item as a percentage of sales
Vertical common size income statement
Common size income statement
Sales
Cash- Basis Accounting
8. Total amount of depreciation expensed since the assets' date of purchase
Common size income statement
Contributed Capital
Accumulated Depreciation
Inventories
9. A company's ability to pay liabilities as they come due in the next year
Accumulated other comprehensive income
Liquidity
Revenue Recognition Principle
Publicly traded
10. Cash - Accounts Recievable - Inventory
Treasury stock
Intangible assets
Vertical common size income statement
Example of Current Asset
11. Compares all amounts within on year to total assets of that same year
Common-size balance sheet
Cost of Goods Sold
Contributed capital (ending)
AICPAs
12. Patents - trademarks - and copyrights that have value but not any physical presence
Common-size balance sheet
Intangible assets
Solvency ratios
Goodwill
13. A company's ability to pay liabilities for many years into the future
Solvency
Recievables
Retained Earnings
Stockholders' Equity
14. A legal value assigned to each share of stock
Par value
Example of Current Asset
Sales
Income Statement
15. Stock bought back from investors not recorded as an asset because it is impossible for a company to own itself
Debtor
Treasury stock
Investing activities
SEC
16. Borrowing corporation records bonds payable
Balance Sheet
Operating Expenses
Debtor
Contributed Capital
17. Net Income/Sales Revenue measures the profitability of each dollar of revenue
Return on Sales
Common-size balance sheet
Solvency
Liquidity
18. Amounts to be recieved in the future from customers
SEC
Investing activities
Accounts recievable
Solvency
19. 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
Asset Turnover
Statement of cash flows
Financing activities
Financial Leverage
20. Standardizes each item as based on a base year and reports data for subsequent years as a multiple of the standard
Preferred stock
Horizontal common size statement
FASB
Basic earnings per share
21. Indicate that returns or discounts were subtracted from total sales
Current assets
Net Sales
Publicly traded
PCAOB
22. Net Income/ Stockholders Equity - measures how effectively stockholders' equity is used to produce net income
Television costs
Financing activities
Return on Equity
Revenue Recognition Principle
23. Contracts that give their holders the right to buy or sell shares of stock at a certain market price
Times Interest Earned Ration
Stock options
Revenue Recognition Principle
Current ratio
24. Annual common stock dividends paid/average number of common shares outstanding - amount of dividends paid annually for each share of stock held by investors
Dividend rate
Stock splits
Liquidity
Return on Common Equity
25. Actual currency - bank accounts - and investments that can be liquidated immediately
Cost of Goods Sold(COGS)
Cash and Cash equivalents
Return on Equity
Inventories
26. Companies divide net income by the actual average number of common shares outstanding
Stock dividends
Basic earnings per share
Contributed capital (ending)
CPAS
27. This is what it costs to produce a product or provide a service
Historical cost principle
Intangible assets
Cost of Goods Sold(COGS)
Gross Profit Margin
28. Includes all costs of generating sales besides cost of sales
Operating Expenses
Common-size balance sheet
Stock dividends
Creditor
29. Merchandise held for sale to customers
Times Interest Earned Ration
Accumulated Depreciation
Inventories
Preferred stock
30. Attest to whether a company's financial statements comply with the GAAP rules
GAAP
Stockholders
Retained earnings(ending)
Audits
31. Expected to be converted into cash - sold - or consumed within the next 12 months
Revenue Recognition Principle
Statement of cash flows
Current assets
Cost of Goods Sold(COGS)
32. Provides a snapshot of a company's financial position as of a certain date
Dividend rate
Basic earnings per share
Balance Sheet
Solvency ratios
33. Extra value that is recorded when buying another company
Accumulated other comprehensive income
Productivity
Cost of Goods Sold(COGS)
Goodwill
34. Net income earned by the company since its incorporation and not yet distributed as dividends
Times Interest Earned Ration
Liquidity ratios
Retained Earnings
Return on Sales
35. Amounts paid by stockholders to purchase common stock and preferred stock
Cash and Cash equivalents
Contributed Capital
Solvency ratios
Depreciation Expense
36. Smaller proportional increases in the number of shares outstanding
Accumulated other comprehensive income
Asset
Treasury stock
Stock dividends
37. Are liabilities due within 12 months
Current liabilites
Historical cost principle
Audits
Shares Outstanding
38. When a company sells stock to the public for the first time as a publicly traded corporation
Publicly traded
Initial Public Offering (IPO)
Contributed capital (ending)
Vertical common size income statement
39. Stock market trading price of the company's common stock
Solvency
Market value per share
Audits
Creditor
40. Relate to how a company finances its assets with debt or stockholders' equity
Income Statement
Debt Ratio
Common size income statement
Financing activities
41. Market price per share/EPS - to measure how expensive a company's stock is compared to EPS
Stock splits
Price earnings ratio
Financial Leverage
Par value
42. Establish auditing standards and conduct inspections of the public accounting firm that perform audits
Intangible assets
PCAOB
liabilities + stockholders' equity
Cash and Cash equivalents
43. Cost of bringing in revenues
Example of Current Asset
Expenses
FASB
Revenues
44. Revenues are recorded in the period earned - not necessarily in the period that the company collects the money
Price earnings ratio
Creditor
Accounts Payable
Revenue Recognition Principle
45. Assets=
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46. Records transactions when cash is recieved or paid
Cash- Basis Accounting
Gross Profit
Statement of cash flows
Current liabilites
47. Entities owning shares of stock are the owners of the corporation
Stockholders
Net Income
Balance Sheet
Contributed Capital
48. legislative authority to set the reporting rules for accounting info of publicly held corporations
Asset
SEC
liabilities + stockholders' equity
Statement of Stockholders equity
49. Due after 12 months
Debt Ratio
Solvency ratios
Trend index
Noncurrent liabilities
50. Net Income/ total assets reveals how efficiently assets are used to generate profit
CPAS
Return on Asset
Market value per share
Intangible assets
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