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  • Business Finance Final Quiz - 2

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    Mondijar Klint D.
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    The document contains three sections that test knowledge of accounting concepts: 1) True/False statements about finance, accounting, and financial statements. Key concepts like the purpose of financial statements and users of accounting information are addressed. 2) Identification questions requiring matching accounting and finance terms to their definitions. Key terms like income statement, balance sheet, and accounting vs financial management are covered. 3) An enumeration section requiring listing internal and external users of accounting information, types of financial statements, and branches of accounting.

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    The document contains three sections that test knowledge of accounting concepts: 1) True/False statements about finance, accounting, and financial statements. Key concepts like the purpose of financial statements and users of accounting information are addressed. 2) Identification questions requiring matching accounting and finance terms to their definitions. Key terms like income statement, balance sheet, and accounting vs financial management are covered. 3) An enumeration section requiring listing internal and external users of accounting information, types of financial statements, and branches of accounting.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    7 views3 pages

    Business Finance Final Quiz - 2

    Uploaded by

    Mondijar Klint D.
    The document contains three sections that test knowledge of accounting concepts: 1) True/False statements about finance, accounting, and financial statements. Key concepts like the purpose of financial statements and users of accounting information are addressed. 2) Identification questions requiring matching accounting and finance terms to their definitions. Key terms like income statement, balance sheet, and accounting vs financial management are covered. 3) An enumeration section requiring listing internal and external users of accounting information, types of financial statements, and branches of accounting.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 3

    TRUE OR FALSE: Write C if the statement is true and W if false.

    (10 items)

    1. Finance and accounting are related because they both deal with funds.

    Answer: C

    2. Owners are interested in financial statements and are among the external users.

    Answer: C

    3. The income statement shows the financial condition of a business enterprise.

    Answer: W

    4. The balance sheet shows the results of operation of a business firm.

    Answer: W

    5. The statement of changes in owner’s equity shows the investments, withdrawals, and income/loss of the
    business.

    Answer: C

    6. The cash flow statement shows the sources and uses of cash of a business. Answer:

    7. The government and its agencies are among the internal users of financial statements.

    Answer: C

    8. The ultimate objective of business is profit maximization.

    Answer: W

    9. Financial accounting deals with preparing financial statements of a business enterprise.

    Answer: C

    10. Financial management is the job of the chief accountant.

    Answer: C

    II. IDENTIFICATION (6 items)

    1. Concerned with acquisition, allocation, utilization of funds.

    Answer: Financial Management

    2. Concerned with providing financial information to decision makers

    Answer: Accounting
    3. Shows the result of operation of a business enterprise

    Answer: Statement of Comprehensive Income

    4. Shows the financial condition of a business enterprise.

    Answer: Statement of Financial Position

    5. Branch of accounting that deals with providing accounting information to internal users,
    particularly those charged with governance.

    Answer: Managerial Accounting

    6. Branch of management that deals with taking care of anything pertinent to the funds of the company.

    Answer: Financial MAnagement

    III. ENUMERATION (14 points)

    1-3 Internal users of accounting information

    1. Owners
    2. Managers
    3. Employees

    4-8 External users of accounting information

    4. Costumers
    5. Suppliers
    6. Government
    7. Investors
    8. General Public

    9-12 Kind of financial statements

    9. Statements of Financial position


    10. Statement of Changes in Equity
    11. Statement of Comprehensive Income
    12. Statement of Cash Flow

    13-14 Two branches of accounting

    13. Managerial Accounting


    14. Financial Accounting

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