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Balance Sheet and General Financials

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Balance Sheet and General Financials

Balance Sheet and General FinancialsAccounting Play 12022-11-07T16:22:22+00:00

Quiz - Balance Sheet and General Financials

1Information

2Question 1-10

3Question 11-23

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1. What period of time does a balance sheet report?
- Specific point in time
- Period of time
- One year
- Three months
2. The balance sheet reflects the following formula:
- Assets = Liabilities + Equity
- Revenue – Expenses
- Beginning retained earnings - Ending retained earnings
- All of the above
3. All of the following are liabilities except:
- Accounts payable
- Notes payable
- Bonds payable
- Cash
4. What is a benefit of the notes to the financial statements
- Show colorful, yet meaningless graphs
- Include pie charts about employee dress code
- Make certain information hard to find
- Disclose accounting details
5. What is the minimum amount of accounts affected with each transaction?
- One
- Two
- Three
- Four
6. Which of the following account type does not appear on the balance sheet?
- Assets
- Liabilities
- Revenue
- Equity
7. Which of the following is not an equity account?
- Bonds
- Retained earnings
- Common stock
- Preferred stock
8. What could increase an equity account?
- Profit for the current period
- Issue of common stock
- Issue of preferred stock
- All of the above
9. How might a charity refer to the equivalent of a balance sheet?
- Bank reconciliation
- Statement of financial position
- Notes
- All of the above
10. The heading of the balance sheet will specify:
- Entity name
- Point in time
- Financial statement name
- All of the above
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