This quiz should only take you a few moments to complete. It is a high level review of Chapter 1
Chapter 1: A Framework for Financial Accounting
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Question 1 of 7
1. Question
Revenues – Expenses = Net Income
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Question 2 of 7
2. Question
Stockholder Equity = Common Stock + Retained Earnings?
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Question 3 of 7
3. Question
Dividends are defined at expenses in financial reporting documents?
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Question 4 of 7
4. Question
Enhancing Qualitative Characteristics: Pair the Term with the Correct Definition for that Term
Sort elements
- ability to see differences and similarities between two different business activities
- implies a consensus amongst different measurers
- information is available enough to allow utilization of the information in decision making process
- the ability for the user to understand the information as it pertains to their decision making efforts
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Comparability
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Verifiability
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Timeliness
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Understandability
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Question 5 of 7
5. Question
Company A reports 50 million dollars in Revenues, and 20 million dollars in expenses. What is their Net Income?
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Question 6 of 7
6. Question
Company A reports total assets of 100 million dollars, and total liabilities of 50 million dollars. What is the amount of Stockholder’s Equity (SE)?
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Question 7 of 7
7. Question
Company A reports 50 million in liabilities, and 100 million in Stockholder Equity (SE). What is the value of Company A’s Assets?
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