151. The basic financial statements include all of the following except: A. Balance Sheet. B. Income

151.
The basic financial
statements include all of the following except: A. Balance Sheet.
B.
Income Statement.
C. Statement of Owner’s Equity. D.
Statement of Cash Flows.
E.
Trial Balance.

152. The
statement of owner’s equity:
A. Reports
how equity changes at a point in time.
B. Reports
how equity changes over a period of time.
C. Reports
on cash flows for operating, financing, and investing activities over a period
of time.
D. Reports
on cash flows for operating, financing, and investing activities at a point in
time.
E. Reports
on amounts for assets, liabilities, and equity at a point in time.

153. The
financial statement that reports whether the business earned a profit and also
lists the revenues and expenses is called:

A. A
Balance sheet.
B. A Statement of owner’s equity. C. A
Statement of cash flows.
D. An
Income statement.
E. A
Statement of financial position.

154. A
balance sheet lists:
A. The
types and amounts of the revenues and expenses of a business.
B.
Only the information
about what happened to equity during a time period.

C. The
types and amounts of assets, liabilities, and equity of a business as of a
specific date.
D. The
inflows and outflows of cash during the period.
E. The
assets and liabilities of a company but not the owner’s equity.

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Chapter
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155. A
financial statement providing information that helps users understand a
company’s financial status, and which lists the types and amounts of assets,
liabilities, and equity as of a specific date, is called a(n):

A.
Balance sheet.
B.
Income statement.
C.
Statement of cash flows.
D. Statement of owner’s
equity. E. Financial Status Statement.

156.
The financial statement
that identifies where a company’s cash came from and where it went during the
period is the:

A. Statement of financial position. B.
Statement of cash flows.
C.
Balance sheet.
D.
Income statement.
E.
Statement of changes in owner’s equity.

157. The
financial statement that shows the beginning balance of owner’s equity; the
changes in equity that resulted from new investments by the owner, net income
(or net loss); withdrawals; and the ending balance, is the:

A. Statement of financial position. B. Statement
of cash flows.
C.
Balance sheet.
D.
Income statement.
E.
Statement of owner’s equity.

158. Cash
investments by owners are listed on which of the following statements?
A. Balance
sheet.
B. Income
statement.
C. Statement
of owner’s equity only.
D. Statement
of cash flows only.
E. Statement
of owner’s equity and statement of cash flows.

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Chapter
01 – Accounting in Business

159.
Accounts payable appear
on which of the following statements? A. Balance sheet.

B.
Income statement.
C. Statement of owner’s equity. D.
Statement of cash flows.
E.
Transaction statement.

160. The
income statement reports all of the following except:
A. Revenues
earned by a business.
B. Expenses
incurred by a business.
C. Assets
owned by a business.
D. Net
income or loss earned by a business.
E. The
time period over which the earnings occurred.

 

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