Classic Classic Quiz Finance Basic Questions by Vin123321niv Vin123321niv 2 885 played - 11 yrs ago Accounting QUIZ 10 QUESTIONS hard 1 The financial statement that reports the revenue and expense for a period of time such as year or month : Balance sheetIncome statementStatement of cash flows 2 The financial statement that reports asset liability and equity at a specific date : Balance sheetIncome statementStatement of cash flows 3 Assets are usually reported on the balance sheet at which amount? CostCurrent market valueExpected selling price 4 Obligation are reported on the balance sheet are referred as AssetLiabilityRetained earnings 5 Unearned Revenue is what type of account? AssetLiabilityStockholder's equity 6 Resources owned by a company within in one year are reported on the balance sheet as : Current assetCurrent liabilityFixed asset 7 The accounting equation referred as Asset = liability + equityAsset + equity = liabilityAsset + liability = equity 8 Under the accrual basis of accounting, revenue is reported in the accounting period when the Cash is receivedProduct or service are deliveredProduct or service yet to deliver 9 Leverage company refers to Company depends more on debtCompany depends more on equityCompany depennds on government funding 10 Dividend is payed on Face valueMarket price of the shareNet income of the company A mistake in this Quiz ? Contact the author Commentaires