* Highlight the Correct options1Marks: 10Statement of financial position (commonly referred to as)abcd2Balance SheetInco...

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Statement of financial position

April 14, 2018

* Highlight the Correct options
1

Marks: 10

Statement of financial position (commonly referred to as)
a
b
c
d

2

Balance Sheet
Income Statement
Statement of Cash Flows
Statement of Owners’ Equity
A financial Statement that describes where the enterprise stands at a specific date is.

a
b
c
d

Balance Sheet
Income Statement
Statement of Cash Flows
Statement of Owner’s Equity

3 Income statement is an activity statement that depicts the revenues and expenses for a
designated period of time
a
b
c
d

Balance Sheet
Income Statement
Statement of Cash Flows
Statement of Owner’s Equity

4 A statement particularly important in understanding an enterprise for purpose of
investment and credit decisions is
a
b
c
d

Balance Sheet
Income Statement
Statement of Cash Flows
Statement of Owner’s Equity

5

Which of the following is not a user of internal accounting information?

a
b
c
d

Store Manager
Chief executive officer
Creditor
Chief financial officer

6 Purpose of an accounting system includes all of the following accept:
a
b

Interpret and record the effects of business transactions
Classify the effects of transactions to facilitate the preparation of reports

c Summarize and communicate information to decision makers
d Dictate the specific types of business transactions that the enterprise may engage in
7 What information would you find in a statement of cash flows that you would not be
able to get from other two primary financial statements?
a
b
c
d
8

Cash provided by or used in financing activities
Cash balance at the end of the period
Total liabilities due to creditors at the end of the period
Net Income
A transaction caused a $.15, 000 decreases in both total assets and total liabilities. This
transaction could have been:

a
b
c
d
9
a
b
c
d

Purchase of a delivery truck for $.15, 000 cash.
An asset with a cost of $.15, 000 was destroyed by fire.
Repayment of a $.15, 000 bank loan.
Collection of a $.15, 000 account receivable.
According to the rules of debit and credit for balance sheet accounts :
Increase in asset, liability, and owners’ equity accounts are recorded by debits.
Decrease in asset and liability accounts are recorded by credits.
Increase in asset and owner’s equity accounts are recorded by debits
Decrease in liability and owners’ equity accounts are recorded by debits.
10 Indicate all correct answers .Dividends

a
b
c
d

Decrease owners’ equity, & are recorded by debiting the dividend account
Decrease net income
Are a business account
All of the given options










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