Chapter 07 Financial Statements by HC120730102736

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									Chapter 07 - Financial Statements




                                                                              Chapter 07
                                                                   Financial Statements

Multiple Choice Questions


1. The balance sheet lists:
A. Assets, liabilities and capital of a business
B. Revenues and expenses of a business
C. The percentage of revenue at the end of the year
D. The percentage of debt at the end of the year
E. None of the above



2. The income statement is a summary of:
A. Cash receipts and where they came from
B. Cash payments and what they were used for
C. The overall change in cash
D. Revenues and expenses over a period of time
E. None of the above



3. The income statement reflects:
A. Cash receipts and where they came from, cash payments and what they were used for
B. The interrelationship of one financial statement to another financial statement
C. Expenses over a period of time
D. Revenues over a period of time
E. Both c and d



4. One way to print the balance sheet is to use these menu bar selections:
A. Reports & Forms; Financial Statements, Print
B. Reports & Forms; Financial Statements, Inventory, Print
C. Reports & Forms; Financial Statements, <Standard> Balance Sheet, Print
D. Reports & Forms; Financial Statements, <Standard> Financial Statements, Print
E. None of the above




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Chapter 07 - Financial Statements




5. On Bellwether Garden Supply's March 31, 2007 balance sheet, the total liabilities are:
A. $175,718.28
B. $502,139.54
C. $181,028.13
D. $233,075.84
E. None of the above



6. On Bellwether Garden Supply's March 31, 2007 departmental gross profit report, the gross
profit for books is:
A. $34,775.74
B. $4,931.73
C. $29,842.41
D. $7,293.10
E. None of the above



7. On Bellwether Garden Supply's March 31, 2007 income statement, the total revenues for
the current month are:
A. $87,856.88
B. $64,536.07
C. $82,088.49
D. $280,485.71
E. None of the above



8. On Bellwether Garden Supply's March 31, 2007 income statement, there is a current month
________ and year to date _________:
A. Net income, net loss
B. Net loss, net income
C. Net loss, net loss
D. Net income, net income
E. None of the above




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Chapter 07 - Financial Statements




9. On Bellwether Garden Supply's March 31, 2007 income statement, the total expenses for
the current month are:
A. $28,383.66
B. $177,914.25
C. $49,643.54
D. $67,872.09
E. None of the above



10. On Bellwether Garden Supply's March 31, 2007 statement of cash flow, there are year to
date total adjustments to reconcile net income to net cash provided by operating activities of:
A. $19,975.66
B. $35,393.42
C. $38,345.97
D. $10,000.06
E. None of the above




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