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Financial Acumen Training Quiz 1
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10 questions
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- Multiple ChoicePlease save your changes before editing any questions.
Accounting vs Finance: Accounting function is a forward looking activity.
Always true
Always false
Sometimes true
- Multiple ChoicePlease save your changes before editing any questions.
Accounting vs Finance: Which of the following activities is considered as a Finance activity?
Auditing
Financial reporting
Bookkeeping
Budgeting and forecasting
- Multiple ChoicePlease save your changes before editing any questions.
Financial Statements: Which of the following is not included in the basic financial statements?
Income Statement
Cash Flows
Trial Balance
Changes in Equity
- Multiple ChoicePlease save your changes before editing any questions.
Financial Statements: Which of the following financial statements shows a snapshot of the company' accounts at a given time?
Profit and Loss
Changes in Equity
Balance Sheet
Cash Flows
- Multiple ChoicePlease save your changes before editing any questions.
Business Operating Cycle: Fill in the blank - A healthier business has a ________ operating cycle.
Shorter
Longer
- Multiple ChoicePlease save your changes before editing any questions.
P&L: Which of the following is considered as part of Cost of Goods Sold (COGS)? Select all that applies.
Royalties
Provision for inventory obsolescence
Salaries and incentive of field force employees
Cost of products sold
- Multiple ChoicePlease save your changes before editing any questions.
Balance Sheet: Mr. A purchased a car worth $1.0M requiring 50% downpayment and 50% payable after 1 month. How will the transaction be recorded in his books at the time of purchase?
(+)$500K Car
(+)$500K Payable
(+)$1M Car
(+)$1M Payable
(+)$1M Car
(-)$500K Cash
(+)$500K Payable
(+)$1M Car
(+)$500K Payable
(+)$500K Equity
- Multiple ChoicePlease save your changes before editing any questions.
Balance Sheet: Please select which of the following is not considered as an Asset account?
Accrued expense
Prepaid expense
Accounts receivables
Advance payments
- Multiple ChoicePlease save your changes before editing any questions.
Cash Flows: What is the impact of credit term extensions given to customers in the cash flows of the company?
Decrease in cash operating requirement
Increase in cash operating requirement
No impact on cash flows
Increase or decrease depends on other factors
- Multiple ChoicePlease save your changes before editing any questions.
Financial Statements: Which of the following is affected by the company's daily operational activities
Profit and Loss
Balance Sheet
Cash Flows
All of the above
None of the above