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ERASED TEST, YOU MAY BE INTERESTED ONAcct Basics

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Title of test:
Acct Basics

Description:
Acct Basics

Author:
BA
(Other tests from this author)

Creation Date:
22/04/2019

Category:
Others

Number of questions: 22
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Content:
Accouting equation can be though of in 2 ways - what are they?.
What financial statement is a formal presentation of the accounting equation? balance sheet income statement profit and loss statement equity report.
The sum of all net income over the life of the business that has not been distributed to owners in the form of dividends is _______.
Line these up. Cash or cash equivalents Accounts Receivable Inventory Property, Plant, and Equipment.
Long term assets are assets that are kept over what amount of time? 1 year 2 years 6 months 1.5 years.
An example of a short term liability is ______.
Shows company's financial performance over a period of time. Income statement Balance sheet.
Show's a company's financial position at a point in time: Income statement Balance sheet.
Another term for the income statement is _____.
Another way to say Gross Profit is _____ which refers to the sum of _______ minus _______.
An expense that is not likely to occur again in the future: Operating Expense Non-Operating Expense.
Net income _____ non-operating expenses. includes does not include.
Operating income minus non-operating expenses equal _________.
The sum of all of a company's undistributed profits over the entire life of the company: net profit retained earnings operating income owners equity.
ABC company has $50,000 of net income for the first year of it's existence. At the end of that year, it pays dividends of $20,000. In year 2, it has $40,000 in net income and pays out $15,000 in dividends. What is the total retained earnings balance after these 2 years?.
Which financial report serves as a "bridge" between 2 other reports? Income Statement Statement of Retained Earnings Balance Sheet Cash Flow Statement.
True or False: Dividends paid are an expense. True False.
Retained Earnings are the same as cash and show up on the balance sheet as part of the cash line. True False.
Income Statement and Cash Flow Statement are NOT the same. True False.
Scenario: A company takes out a loan from the bank. Which financial statement would reflect this? Cash Flow Statement Income Statement Statement of Retained Earnings Profit and Loss Statement.
Dividends show on which financial statements? Statement of Retained Earnings Cash Flow Statement Balance Sheet Income Statement.
Cash Flow Statements categorize cash inflows and outflows into which 3 types of activities? Operating Investing Financing Expensing Legal Shareholder.
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