This practice exam can be taken as many times as needed to feel confident and prepared for the Financial Statements Exam.
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On which financial statement can you find Deferred Revenue?CorrectIncorrect
Where can you find cash provided by financing activities?CorrectIncorrect
What report tells the business owner how much working capital is in the business?CorrectIncorrect
Both the Statement of Cash Flows and Income Statement shows the Net Income.CorrectIncorrect
Which report(s) track loan payments? (Select all that apply.)CorrectIncorrect
Accumulated Depreciation is an expense account used to track depreciation entries throughout the years.CorrectIncorrect
Your client has used the business debit card to buy some groceries for supper. On which statement is that transaction shown? (Select all that apply.)CorrectIncorrect
Your client’s Statement of Cash Flows is showing a positive $500 for Accounts Receivable. How do you explain this number to him?CorrectIncorrect
Your new client is showing a negative balance in her 401k expense account. How do you correct this negative balance?CorrectIncorrect
The FASB standards dictate that any transaction considered unusual or infrequent for the business must be presented as a separate component on the Statement of Cash Flows.CorrectIncorrect