LAST MINUTE TEST (TOPIC 1)
1. Which one does NOT belong to financial statements?
a) The Cash Flow statement.
b) The Trial balance.
c) The Income statements.
d) The Explanatory notes.
2. The three basic elements of the income statement are:
a) Operating activities, investing activities, financing activities.
b) Assets, Liabilities, equity.
c) Revenues, expenses, net income or loss.
d) Net income, retained earnings and dividends.
3. The three basic elements in the balance sheet are:
a) Operating activities, investing activities, financing activities.
b) Assets, liabilities, equity.
c) Revenues, expenses, net income or loss.
d) Net income, retained earnings and dividends.
4. The three basic elements of the changes in net equity are:
a) Operating activities, investing activities, financing activities.
b) Assets, liabilities, equity.
c) Revenues, expenses, net income or loss.
d) Retained earnings, net income and dividends.
5. The three basic elements of the cash flow statement are:
a) Operating activities, investing activities, financing activities.
b) Assets, liabilities, equity.
c) Revenues, expenses, net income and dividends.
d) Retained earnings, net income and dividends.
6. If you want to know the financial resources of a company, you must look in:
a) The left part of the Balance Sheet called “Assets”.
b) The right part of the Balance Sheet called “Equity and liabilities”.
c) Cash-Flow statement.
d) Income Statement.
