A. Cash flow statement
B. Income statement
C. Statement of changes in equity
D. Statement of financial position
Correct Answer: Statement of financial position ✔
Last Updated: July 29, 2017
Related MCQs
- Payment of expenses will ______ the assets
- Collection of account receivable will
- Net income equal to Revenues minus__________?
- If the business’s owner withdraws cash for his/her personal use what will be the effect on capital?
- If the total liabilities of a business decrease by $5000 what will be the effect on total asset?
- Capital of a business decreases if there is an increase in__________?
- Capital increases if _________ increases?
- Calculate the amount of cash if: Total assets=$10,000 Total liabilities=$10,000 Total Capital=$5000
- Find out the value of assets if: Liabilities=$5000 and Capital=$1000
- The Basic accounting equation is__________?
- Which of the following is the closing balance of a ledger account?
- Which of the following accounts are closed at the end of an accounting period?
- Which of the following is a real account?
- __________ helps business to classify transactions according to their nature?
- Office equipments account is classified as _________ account?
- Building account is classified as _________ account?
- The real accounts are accounts of Assets, liabilities and __________?
- Revenue and expense accounts are referred as__________?
- Which of the following is the normal balance of a rent expense account?
- Which of the following statements is incorrect regarding capital account?
- The normal balance of liability account is__________?
- The normal balance of asset account is__________?
- The normal balance of capital account is__________?
- If debit balance is greater than creadit balance then the account blance will be__________?
- Which of the following is known as the base for preparing trial balance?
- _________ will be credited if goods are given as charity?
- If debit side of a bank account is greater than credit side it indicates which of the following?
- If credit side of a bank account is greater than the debit side, it indicates which of the following?
- An account records the __________ in the balance of an item?
- Transferring entries from journal to ledger account is commonly known as__________?
- Which of the following accounts can be classified as a real account?
- Identify the nominal account
- Double entry implies that
- Net loss occurs when__________?
- _______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?
- Identify the asset from the following:
- What is equity?
- Which of the following is a liability?
- What is the basic accounting equation?
- Which is the most important characteristic that all assets of a business have?
- Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?
- Liability are arisen from which of the following events?
- An asset must be _______ by the business to be shown as an asset in its “balance sheet”
- The gross decrease in economic benefits for the business are what?
- ________ is the gross inflow of economic benefits?
- Liabilities are which of the following?
- An asset posses which of the following?
- ________ is a separate legal entity that Total capital can be divided in many shares.
- Financial statements differ from management account because
- _________ is the first phase of accounting cycle?
- Which of the following is the internal user of financial statements?