Accounting and Finance Quiz Answer

Accounting and Finance Quiz Answer

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Accounting and Finance

Question 1)
Which are used by accountants and stakeholders to assess the financial health of a business?

  • Transactions
  • Financial statements
  • Journals
  • Production schedules

Question 2)
Which is prepared as part of the accounting cycle and summarizes all of the financial data in a firm’s account ledgers and used to ensure the figures are correct and balanced?

  • Income statement
  • Statement of cash flows
  • Balance sheet
  • Trial balance

Question 3)
The value of inventory is listed as which type of asset on a balance sheet?

  • Current assets
  • Fixed assets
  • Intangible assets

Question 4)
Which approach would help an organization keep plenty of cash on hand to pay for operations?

  • Speed up both collections and payments of cash
  • Speed up cash payments, and slow down cash collections
  • Speed up cash collections, and slow down cash payments
  • Slow down both the payments and collections of cash

Question 5)
What are properties that are owned and have monetary value?

  • Liabilities
  • Debt
  • Owners’ Equity
  • Assets

Question 6)
Which reports a firm’s financial condition at a specific point in time?

  • Balance sheet
  • Statement of cash flows
  • Income statement

Question 7)
Operating expenses are costs a business incurs through normal business operations. Which of these is NOT an operating expense?

  • Marketing
  • Payroll
  • Cost of Goods sold
  • Rent

Question 8)
Which financial statement is most useful in assessing a firm’s cash position?

  • the balance sheet
  • the statement of cash flows
  • the income statement

Question 9)
If the income statement shows a Gross Profit of $200,000 and Net Income of $35,000, which is true?

  • Expenses plus Owner’s equity = $165,000
  • Owner’s equity = $165,000
  • Expenses = $165,000

Question 10)
Which costs are included in Cost of Goods Sold (COGS)?

  • Direct Labor and Sales Expenses
  • Sales Expenses and Advertising Expenses
  • Direct Labor and Storage Fees
  • Direct Labor and Administrative Expenses

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