10/20/21, 2:11 AM Long Quiz 002

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BAED-FABM2121-2112S /
Week 8 and 9: Cash Flow Statement /
Long Quiz 002

Question 1
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It is a financial Statement that focuses on the residual interest of the owner in the business.

Select one:
a. All of the choices
b. Statement of Changes in Equity
c. Statement of Financial Position
d. Statement of Income
Clear my choice

Question 2
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What form of business organization which can create many accounts as there are owners for the owner or owners' equity?

Select one:
a. Single proprietorship
b. corporation
c. partnership
d. None of the choices

Clear my choice

Question 3
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The cash in a financing activity mostly involve current assets or income and expense accounts.

Select one:
True

False

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10/20/21, 2:11 AM Long Quiz 002

Question 4
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This can be presented using Direct and Indirect Method.

Select one:
a. All of the choices
b. Investing activities
c. Financing activities
d. Operating activities

Clear my choice

Question 5
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The customer paid his account to us. This represents:

Select one:
a. Investment
b. Cash payments
c. Cash receipts
d. not a cash flow item
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Question 6
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It represents the residual claim of the owner on the total resources or assets of the firm after deducting the claims of creditors.

Select one:
a. Net Loss
b. Ending Capital
c. Beginning Capital
d. Net Profit

Clear my choice

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10/20/21, 2:11 AM Long Quiz 002

Question 7
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Among all the activities, only ____________________ have different ways of being presented.

Select one:
a. Operating Activities
b. None of the choices
c. Financing Activities
d. Investing Activities

Clear my choice

Question 8
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The corporation uses this account title for the equity of the owner or owners.

Select one:
a. Stockholder's equity
b. None of the choices
c. Name of owner, capital
d. Name of owner, capital (create as many capital accounts as there are owners)
Clear my choice

Question 9
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The acquisition and disposal of long-term assets, including investments not considered cash equivalents are parts of an investing activities.

Select one:
True

False

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10/20/21, 2:11 AM Long Quiz 002

Question 10
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The following are terms pertaining to Owner's Equity except:

Select one:
a. Capital
b. Net Assets
c. Net Worth
d. Net Gross

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Question 11
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It relies entirely on the payment and receipt of cash.

Select one:
a. Financing activities
b. Accrual basis of accounting
c. All of the choices
d. Cash basis of accounting
Clear my choice

Question 12
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Which one does not form part of cost of goods sold?

Select one:
a. Merchandise inventory
b. owner's equity
c. Purchase returns and allowances
d. Purchases

Clear my choice

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10/20/21, 2:11 AM Long Quiz 002

Question 13
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It is the common account title in the financial statement.

Select one:
a. Equity
b. Cash
c. Investment
d. Capital

Clear my choice

Question 14
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The owner's equity is usually consists of ___________________.

Select one:
a. Owner's investment and the earned profit less any withdrawals made during a given period.
b. Owner's investment and the earned profit add any withdrawals made during a given period
c. None of the above
d. Owner's investment and the earned profit equal to any withdrawals made during a given period
Clear my choice

Question 15
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These are reductions in the total sales price given to the customer if the account will be paid within a short period of time.

Select one:
a. Sales discount
b. Sales returns and allowances
c. Net Sales
d. Cost of goods sold

Clear my choice

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10/20/21, 2:11 AM Long Quiz 002

Question 16
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Which of the following is not a part of the Statement of Changes in Equity?

Select one:
a. Investment
b. Accounts Payable
c. Withdrawal
d. Beginning capital

Clear my choice

Question 17
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The _____________________is the difference arrived at after deducting withdrawals from the sum of the beginning capital, additional investments,
and profit.

Select one:
a. withdrawal
b. None of the choices
c. Ending capital
d. Beginning capital
Clear my choice

Question 18
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We use a multi-step approach in preparing a statement of income for ______________________.

Select one:
a. None of the choices
b. Both A and C
c. Merchandising Business
d. Service Business

Clear my choice

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10/20/21, 2:11 AM Long Quiz 002

Question 19
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It is the difference arrived at after deducting withdrawals from the sum of the beginning capital, additional investments, and profit.

Select one:
a. Ending Capital
b. Net Profit
c. Beginning Capital
d. Investments

Clear my choice

Question 20
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_____________________ is acceptable in the accounting industry.

Select one:
a. Accrual basis of accounting
b. Cash basis of accounting
c. None of the choices
d. Both A and B
Clear my choice

◄ Week 008-009 - Module Cash Flow Statement

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