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Financial Statements Fundamentals Test (Upwork)
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Financial Statements Fundamentals Test (Upwork)
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25 Questions

1. Which of the following is NOT a method of calculating depreciation?
2. Why would a creditor heavily scrutinize a company's statement of retained earnings?
3. Cost of Goods Sold is calculated using which of the following?
4. What audience is an annual report addressing?
5. Two figures must be transferred to the balance sheet before the final result can be calculated. What are they
6. What is an example of a liability?
7. What is the order in which assets are typically listed on the balance sheet?
8. Which entity is primarily responsible for setting accounting standards?
9. True or False? Liabilities and shareholders-™ equity must be equal.
10. What's the difference between a Capital lease and an Operational lease?
11. On a balance sheet
12. What is the first statement to calculate before moving on to the statement of retained earnings?
13. On a balance sheet
14. How will a business acquisition typically impact a company-™s cash flow?
15. Current assets do NOT include which of the following
16. What equation is used when calculating the statement of retained earnings?
17. What is ROE
18. What is an accounting entity?
19. When profits are reinvested into the business
20. If you needed to replace machinery at your company
21. Which of the following activities would be regarded as a financing activity on the Statement of Cash Flows?
22. True or False? All expenses required to be paid in the same accounting period.
23. When are current liabilities due to be paid?
24. What are the two basic formats of the Income Statement?
25. Parentheses around a number in financial statements indicates what?

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