Which of the following items are part of a business’s set of financial statements Which of the following items are part of a business’s set of financial statements?
Which of the following items are part of a business’s set of financial statements
Which of the following items are part of a business’s set of financial statements?
a. Income statement
b. Balance sheet
c. Statement of cash flows
d. Both a. and b. above
e. a., b., and c. above
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Answer: _____
2. True or False: The requirement to provide financial accounting information is driven by the need for outside stakeholders (primarily investors) to have reliable information about the financial status of an organization.
a. True
b. False
Answer: _____
3. True or False: The set of rules and regulations that govern the content and format of financial statements is called Government Acceptable Procedures (GAP).
a. True
b. False
Answer: _____
4. Which of the following statements about cash versus accrual accounting is most correct?
a. In cash accounting, an event is recognized when a cash transaction occurs.
b. In accrual accounting, an event is recognized when a cash transaction occurs.
c. Most large healthcare organizations use cash accounting.
d. Most small healthcare organizations use accrual accounting because it closely matches statements required for income tax purposes.
e. In cash accounting, an event is recognized when the obligation for a cash transaction is created.
Answer: _____
5. Which of the following statements about the income statement is most correct?
a. It has several alternative names, including the statement of liabilities.
b. It reports the financial status of an organization as of a single point in time.
c. It reports the economic profitability of an organization.
d. Its three major sections are operating costs, nonoperating costs, and total (net) costs.
e. Income statements are always prepared annually, but never for shorter periods (for example, quarterly).
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