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31. a snapshot of the financial condition of the firm at a particular time. a. The balance sheet provides b. The income statement provides c. The statement of cash flows provides d. All of the above provide e. None of the above provides

31. a snapshot of the financial condition of the firm at a particular time. a. The balance sheet provides b. The income statement provides c. The statement of cash flows provides d. All of the above provide e. None of the above provides

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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31. a snapshot of the financial condition of the firm at a particular time. a. The balance sheet provides b. The income statement provides c. The statement of cash flows provides d. All of the above provide e. None of the above provides 32. of the cash flow generated by the firm's operations, investments and financial activities. a. The balance sheet is a report b. The income statement is a report c. The statement of cash flows is a report d. the auditor's statement of financial condition e. None of the above is a report 33. of the profitability of the firm over a period of time such as a year. a. The balance sheet is a summary b. The income statement is a summary c. That statement of cash flows is a summary d. The audit report is a summary e. None of the above is a summary 34. This is where you will record the initial capital investment of the sole proprietor. a. Cash Receipts Journal b. Cash Disbursement Journal c. Special Journal d. General Journal 35. The following steps of Accounting Process are optional steps, except a. Preparation of worksheet b. Preparation of Post-closing trial balance c. Reversing entries d. Closing Entries e. All of the given choices are optional
Transcribed Image Text:31. a snapshot of the financial condition of the firm at a particular time. a. The balance sheet provides b. The income statement provides c. The statement of cash flows provides d. All of the above provide e. None of the above provides 32. of the cash flow generated by the firm's operations, investments and financial activities. a. The balance sheet is a report b. The income statement is a report c. The statement of cash flows is a report d. the auditor's statement of financial condition e. None of the above is a report 33. of the profitability of the firm over a period of time such as a year. a. The balance sheet is a summary b. The income statement is a summary c. That statement of cash flows is a summary d. The audit report is a summary e. None of the above is a summary 34. This is where you will record the initial capital investment of the sole proprietor. a. Cash Receipts Journal b. Cash Disbursement Journal c. Special Journal d. General Journal 35. The following steps of Accounting Process are optional steps, except a. Preparation of worksheet b. Preparation of Post-closing trial balance c. Reversing entries d. Closing Entries e. All of the given choices are optional
27. Statement 1: The Statement of Financial Position reports the three accounting elements which are the Assets, Liabilities and Owner's Equity. Statement 2: The Statement of Comprehensive Income presents Revenue and Expense which are temporary accounts of Owner's Equity. a. Both statements are true b. Only Statement 1 is true c. Only Statement 2 is true d. Both statements are false 28. Statement 1: The preparation of the Statement of Changes in Owner's Equity depends on what business organizations are formed. Statement 2: Business organizations differ in terms of number of owners and transferability of ownership. a. Both statements are true b. Only Statement 1 is true c. Only Statement 2 is true d. Both statements are false 29. Statement 1: The Statement of Financial Position reports the owner's equity balance at the beginning of the period while withdrawal and profit are reported in the Statement of Comprehensive Income. Statement 2: The Statement of Changes in Owner's Equity shows the beginning equity of the owner and withdrawal during the period which is taken from the Statement of Financial Position. a. Both statements are true b. Only Statement 1 is true c. Only Statement 2 is true d. Both statements are false 30. Statement 1: Profit for the period which is shown as item in the Statement of Changes in Owner's Equity is taken from Statement of Comprehensive Income. Statement 2: Capital beginning plus additional investment less capital withdrawal equals capital ending balance of the owner. a. Both statements are true b. Only Statement 1 is true c. Only Statement 2 is true d. Both statements are false
Transcribed Image Text:27. Statement 1: The Statement of Financial Position reports the three accounting elements which are the Assets, Liabilities and Owner's Equity. Statement 2: The Statement of Comprehensive Income presents Revenue and Expense which are temporary accounts of Owner's Equity. a. Both statements are true b. Only Statement 1 is true c. Only Statement 2 is true d. Both statements are false 28. Statement 1: The preparation of the Statement of Changes in Owner's Equity depends on what business organizations are formed. Statement 2: Business organizations differ in terms of number of owners and transferability of ownership. a. Both statements are true b. Only Statement 1 is true c. Only Statement 2 is true d. Both statements are false 29. Statement 1: The Statement of Financial Position reports the owner's equity balance at the beginning of the period while withdrawal and profit are reported in the Statement of Comprehensive Income. Statement 2: The Statement of Changes in Owner's Equity shows the beginning equity of the owner and withdrawal during the period which is taken from the Statement of Financial Position. a. Both statements are true b. Only Statement 1 is true c. Only Statement 2 is true d. Both statements are false 30. Statement 1: Profit for the period which is shown as item in the Statement of Changes in Owner's Equity is taken from Statement of Comprehensive Income. Statement 2: Capital beginning plus additional investment less capital withdrawal equals capital ending balance of the owner. a. Both statements are true b. Only Statement 1 is true c. Only Statement 2 is true d. Both statements are false
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