1. Introduction to Accounting

The statement of cash flows provides summary information about cash inflows and cash outflows during the year. Which of the following best describes the main purpose of the statement of cash flows?

The income statement reveals the:

The balance sheet lists which of the following?

In what order are the four primary financial statements typically prepared by a company at the end of an accounting period?

Section three of a business plan typically describes which of the following?

Cynthia needs to share a financial snapshot of her company's assets, liabilities, and equity at a specific point in time. Which financial statement should she use?

Which of the following items would NOT appear in an income statement?

The balance sheet is useful for analyzing all of the following except:

1. Which financial statement is typically prepared and presented first in the sequence of financial statements?

Which of the following would be included in a business's income statement?

Which types of accounts appear on the profit and loss statement?

Which financial statement reports the financial position of a business at a specific point in time?

Suppose a local company has the following balance sheet accounts: Cash \$10,000; Accounts Receivable \$5,000; Inventory \$7,000; Equipment \$20,000; Accounts Payable \$4,000; Notes Payable \$8,000; Common Stock \$15,000. What is the company's total equity?

Which one of the following is NOT one of the four basic financial statements?

Which financial statement should Kevin use to best summarize his company's financial performance over the last quarter?