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






2. Measures how efficiently you can generate desired outputs from given inputs






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






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






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






6. Net Income-Preferred Dividends/Common Stockholders equity - To analyze stock performance






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






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






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






10. Cost of bringing in revenues






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






12. Most accounting reporting standards that formulate GAAP are set by the 7 full time voting members






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






14. Retained earnings + Net Income - (Dividends)






15. Entity loaning the money records a bond recievable






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






17. Revenues-Expenses






18. All assets not listed as current






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






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






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






23. Refer to revenues from the sale of merchandise






24. Net Income/Sales Revenue measures the profitability of each dollar of revenue






25. Amounts that the corporation must pay to suppliers in the future






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






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






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






29. Smaller proportional increases in the number of shares outstanding






30. Cost allocated to each year of the assets life






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






32. Firm's ability to satisfy short term debt






33. Merchandise held for sale to customers






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






35. Assets=

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36. A legal value assigned to each share of stock






37. Net Income/ Stockholders Equity - measures how effectively stockholders' equity is used to produce net income






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






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






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






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






42. Proportional increases in the number of shares outstanding






43. Includes all costs of generating sales besides cost of sales






44. Due after 12 months






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






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






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






48. Equals the difference between revenues and cost of sales






49. Amounts to be recieved in the future from customers






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







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