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Financial Statements
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Avg score: 61% • Most missed: “This is what it costs to produce a product or provide a service”
Financial Statements
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25 Questions

1. Stock bought back from investors not recorded as an asset because it is impossible for a company to own itself

2. Assets- Liabilitie+ Equity OR Assets Liabilities- assets

3. Cash - Accounts Recievable - Inventory

4. Recorded in stockholders equity 1. unrealized gains/losses on certain securities 2. Foreign currency translation adjustments 3. Certain gains/losses on pension plans

5. Entity loaning the money records a bond recievable

6. Net income earned by the company since its incorporation and not yet distributed as dividends

7. This is what it costs to produce a product or provide a service

8. Proportional increases in the number of shares outstanding

9. Merchandise held for sale to customers

10. Net Income-Preferred dividends/Average number of common shares outstanding - Amount of net income earned by each individual share of stock held by investors

11. Expresses each balance sheet item as a percentage of total assets

12. Net Income/Sales Revenue measures the profitability of each dollar of revenue

13. Total assets/Stockholders equity - Explains the difference between return on assets and return on equity. A high debt ratio and the high financial risk can boost profits

14. Idea that accountants usually record transactions when they occur - not necessarily when cash is recieved or paid

15. When a company sells stock to the public for the first time as a publicly traded corporation

16. Amounts to be recieved in the future from customers

17. Defines ethical behavior code of professional conduct

18. The total number of shares actually held by investors at a given time - =Shares issued-treasury shares

19. Extra value that is recorded when buying another company

20. Cost of bringing in revenues

21. Smaller proportional increases in the number of shares outstanding

22. Measures how efficiently you can generate desired outputs from given inputs

23. Indicate that returns or discounts were subtracted from total sales

24. Subtracting operating expenses from gross profit (Income from Operations)

25. Carries a dividend rate which must be paid to preferred stockholders before any dividends can be paid to common stockholders

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