Bus 402 Wk 5 Quiz 4 Chapter 7,8

BUS 402 WK 5 Quiz 4 Chapter 7,8

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1) A pro forma financial statement means:

A) looking at the current financial statement.

B) looking at the past financial statement.

C) preparing the current financial statement.

D) preparing a projected financial statement.

2) The ________ shows what assets the business owns and what claims creditors and owners have against those assets.

A) balance sheet

B) income statement

C) sources and uses of funds statement

D) pro forma

3) The ________ is built on the basic accounting equation: Assets = Liabilities + Owner's Equity.

A) income statement

B) sources and uses of funds statement

C) balance sheet

D) cash budget

4) The balance sheet is usually prepared on the ________ day of the month.

A) first

B) last

C) 15th

D) None of the above

5) John is reviewing the company's costs and expenses against revenue for the last year. John is reviewing the firm's:

A) balance sheet.

B) income statement.

C) sources and uses of funds statement.

D) pro forma.

6) The first section of a balance sheet lists:

A) current and intangible assets.

B) current liabilities.

C) claims creditors have against the firm's assets payable within one year.

D) the owner's equity in terms of initial capital invested and retained earnings.

7) ________ are those items of value the business owns; ________ are those things the business owes.

A) Assets; liabilities

B) Liabilities; assets

C) Ratios; equities

D) Equities; liabilities

8) Bill is studying those expenses that contribute directly to manufacturing and distribution of goods. He's reviewing:

A) cost of goods.

B) general expenses.

C) operating expenses.

D) current liabilities.

9) The profit and loss statement, is also referred as the ________.

A) balance sheet

B) statement...