Financial Statements (Quiz)

Which accounting method will result in financial statements that report a more complete picture of a corporation’s financial position and a better measure of profitability during a recent accounting year?

Which type of journal entries are made at the end of each accounting period so that the financial statements better reflect the accrual method of accounting?

The generally accepted accounting principles used in the financial statements of U.S corporations are researched and developed by which organization?

Which financial statement will allow you to determine the gross margin for a retailer or manufacturer?

Does the heading of a balance sheet indicate a period of time or a point in time?

A corporation's net income will cause a change in which component of stockholders' equity?

Which financial statement's structure is closest to that of the basic accounting equation?

Is it true or false that a grocery store’s sale of its old delivery van to one of its employees for $2,000 should be recorded in the general ledger account Sales?

Is it true or false that the total amount of stockholders’ equity reported on the balance sheet is intended to show the fair market value of the corporation?

Comprehensive income is defined as _______________ plus other comprehensive income.

Which financial statement reports the adjustments for changes in the market value of available-for-sale investment securities and adjustments for foreign currency translation?

Ten years ago, a corporation started a new brand name that is now considered to be its most valuable asset. On which financial statement and at what amount will you see the brand name reported?

A corporation's working capital is calculated using which amounts?

The changes that occurred during a recent year in the accounts Retained Earnings and Treasury Stock will be found in which financial statement?

The amount spent for capital expenditures will be reported in which section of the statement of cash flows?

Which of the following will appear as a negative amount on a statement of cash flows that was prepared using the indirect method?

Which of the following will appear as a positive amount on a statement of cash flows that was prepared using the indirect method?

What is usually presented first in the notes to the financial statements?

Which is the annual report to the SEC that contains the financial statements of a publicly-traded corporation?

Important disclosures regarding likely losses that could not be estimated are found where?