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41. Which of the following best describes "financial performance" of an entity ? The revenue, expenses and net income or loss for a period of an entity. b. The assets, liabilities and equity of an entity. a. The total assets minus total liabilities The total cash inflows minus total cash outflows C. d.

41. Which of the following best describes "financial performance" of an entity ? The revenue, expenses and net income or loss for a period of an entity. b. The assets, liabilities and equity of an entity. a. The total assets minus total liabilities The total cash inflows minus total cash outflows C. d.

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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41. Which of the following best describes "financial performance" of an entity ? The revenue, expenses and net income or loss for a period of an entity. The assets, liabilities and equity of an entity. The total assets minus total liabilities The total cash inflows minus total cash outflows 42. 43 44. 45. 46. 47. 48. 49. 50. a. b. C. d. The objectives of financial reporting for entities are based on a. The need for conservatism b. Reporting on management's stewardship The elements directly related to the measurement of financial position are Assets, liabilities, equity, income and expenses c. Income and expenses Assets, liabilities and equity d. Assets and liabilities. a. b. The elements directly related to the measurement of financial performance are a. Assets, liabilities, equity, income and expenses c. Income and expenses. b. Assets, liabilities and equity d. Sales and cost of sales C. d. It is the residual interest in the assets of the entity after deducting all of its liabilities Income Net income a. C. b. Expenses d. Equity b. Which of the following is an internal user of an entity's financial information? Board of directors Shareholders in the entity Generally accepted accounting principles The needs of the users of the information C. a.. Customers b.. The public d. These user require information on risk and return on investment and an entity's ability to pay dividends. a. Investor C. Lenders b. Employees d. Customers a.. Customers b.. Employees These users are interested in information about the profitability and stability of an entity in order to assess the ability of the entity to provide remuneration, retirement benefits and employment opportunities. C. Government and their agencies Employees d. Holder of the entity's bond Creditor These users are interested in information that enables them to assess whether their loans, the related interest thereon and other amounts owing to them will be paid when due. a.. Lenders. b.. Borrowers C. d. Trade creditors Owners These users are interested in information about the continuance of an entity, especially when they have a long-term involvement with or are dependent on the entity. C. Trade unions d. Suppliers
Transcribed Image Text:41. Which of the following best describes "financial performance" of an entity ? The revenue, expenses and net income or loss for a period of an entity. The assets, liabilities and equity of an entity. The total assets minus total liabilities The total cash inflows minus total cash outflows 42. 43 44. 45. 46. 47. 48. 49. 50. a. b. C. d. The objectives of financial reporting for entities are based on a. The need for conservatism b. Reporting on management's stewardship The elements directly related to the measurement of financial position are Assets, liabilities, equity, income and expenses c. Income and expenses Assets, liabilities and equity d. Assets and liabilities. a. b. The elements directly related to the measurement of financial performance are a. Assets, liabilities, equity, income and expenses c. Income and expenses. b. Assets, liabilities and equity d. Sales and cost of sales C. d. It is the residual interest in the assets of the entity after deducting all of its liabilities Income Net income a. C. b. Expenses d. Equity b. Which of the following is an internal user of an entity's financial information? Board of directors Shareholders in the entity Generally accepted accounting principles The needs of the users of the information C. a.. Customers b.. The public d. These user require information on risk and return on investment and an entity's ability to pay dividends. a. Investor C. Lenders b. Employees d. Customers a.. Customers b.. Employees These users are interested in information about the profitability and stability of an entity in order to assess the ability of the entity to provide remuneration, retirement benefits and employment opportunities. C. Government and their agencies Employees d. Holder of the entity's bond Creditor These users are interested in information that enables them to assess whether their loans, the related interest thereon and other amounts owing to them will be paid when due. a.. Lenders. b.. Borrowers C. d. Trade creditors Owners These users are interested in information about the continuance of an entity, especially when they have a long-term involvement with or are dependent on the entity. C. Trade unions d. Suppliers
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