Deck 7: Reports and Graphs

Question 1

The Profit & Loss Statement lists:

A)Assets and Expenses
B)Assets and Liabilities
C)Net Income and Owner's Equity
D)Income and Expenses

Answer 1

D

Question 2

Providing information to internal users decision making is the purpose of which of the following?

A)Management Reports
B)Tax forms
C)Financial statements
D)Vendor list

Answer 2

A

Question 3

What is owner's equity?

A)What a company owes
B)What is left after the liabilities are satisfied
C)What a company owns
D)None of the above

Answer 3

B

Question 4

To print the General Ledger:

A)Select Chart of Accounts icon > Print Report
B)From the Company section of the Home page > select Trial Balance icon
C)Select Report Center > Accountant & Taxes, General Ledger
D)Select Company Center > Print General Ledger

Question 5

The Statement of Cash Flows lists:

A)Operating, Investing, and Financing Activity
B)Assets, Liabilities, and Owner's Equity
C)Income, Expenses, Liabilities
D)Gains, Losses, and Net Income

Question 6

The Income Statement lists:

A)Net Income and Owner's Equity
B)Income and Expenses
C)Assets and Liabilities
D)Assets and Expenses

Question 7

What information does the Balance Sheet provide?

A)A summary of cash inflows and outflows over a specific time period
B)A company's financial position on a specific date
C)Sales and expenses for a specific time period
D)None of the above

Question 8

The Balance Sheet lists:

A)Assets, Liabilities, and Owner's Equity
B)Gains, Losses, and Net Income
C)Operating, Investing, and Financing Activity
D)Income, Expenses, Liabilities

Question 9

Examples of management reports for internal decision making include all of the following except:

A)1120S Report
B)Cash Budget
C)Cash Forecast
D)Accounts Receivable Aging Summary

Question 10

Which of the following determines if the account appears classified properly on the balance sheet?

A)Tax-Mapping Line
B)Account Number
C)Item Number
D)None of the above

Question 11

To record adjusting journal entries in QuickBooks, select:

A)Company Center, Journal Entry icon
B)Company menu, Make General Journal Entries
C)Banking section of the Home page, Journal Entry icon
D)Company section of the Home page, Journal Entry icon

Question 12

The Trial Balance:

A)Lists all the company's accounts and ending balances
B)Is printed before and after making adjustments
C)Verifies the accounting system balances
D)All the above

Question 13

Sales are recorded under cash basis accounting when:

A)The goods or services are provided regardless of whether the cash is collected from the customers
B)The bookkeeper has time to record the transactions
C)The cash is collected from the customers
D)The costs are incurred to earn the revenue

Question 14

Providing information to external users decision making is the purpose of which of the following?

A)Management Reports
B)Tax forms
C)Financial statements
D)Inventory reports

Question 15

To export reports to Excel:

A)With the Report window open, click the Excel button
B)With the Report window open, click the Export button
C)With the Report window open, click the Print button
D)All the above

Question 16

The order of the steps in the accounting cycle includes:

A)Adjusted trial balance, financial reports, adjusting entries, trial balance
B)Adjusted trial balance, adjusting entries, financial reports, trial balance
C)Trial balance, adjusting entries, adjusted trial balance, financial reports
D)Trial balance, financial reports, adjusting entries, adjusted trial balance

Question 17

Which one of the following classifications is found on the Statement of Cash Flows?

A)Cash Flows from Financing Activities
B)Cash Flows from Purchasing Activities
C)Cash Flows from Owner's Activities
D)Cash Flows from Selling Activities

Question 18

Income tax reports in QuickBooks include all of the following except:

A)Income Tax Preparation report
B)Income Tax Detail report
C)Income Tax Summary report
D)Income Tax Mapping report

Question 19

An account period may be:

A)One quarter
B)One month
C)One year
D)All the above

Question 20

What is an asset?

A)What is left after the liabilities are satisfied
B)What a company owns
C)What a company owes
D)None of the above

Question 21

Cash inflows and outflows to and from investors and creditors are categorized as cash flows from:

A)Investing activities
B)Financing activities
C)Sales activities
D)Operating activities

Question 22

What is the difference between the cash basis and the accrual basis?

Question 23

Cash inflows and outflows related to acquisition and disposal of long-term assets are categorized as cash flows from:

A)Investing activities
B)Financing activities
C)Sales activities
D)Operating activities

Question 24

Cash inflows and outflows related to the company's primary business are categorized as cash flows from:

A)Investing activities
B)Financing activities
C)Sales activities
D)Operating activities

Question 25

Briefly explain 2 (two) differences between depreciation on a tax return and on a financial statement.

Question 26

The General Ledger:

A)Is always provided to external users for decision making
B)Provides the quickest way to communicate financial information
C)Is a collection of all of the company's accounts and account activity
D)None of the above

Question 27

The Income Tax Preparation report:

A)Summarizes income and expenses that should be listed on a business income tax return
B)Lists the assigned tax line for each account
C)Provides detailed information about the income and expenses
D)All the above
Short Answer Questions