Deck 10: Reports

Question 1

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

Answer 1

A

Question 2

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

A)Management reports
B)Tax forms
C)Financial statements
D)Vendors list

Answer 2

A

Question 3

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

Answer 3

A

Question 4

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 choices are correct

Question 5

What is owner's equity?

A)What a company owes
B)What remains after liabilities are satisfied
C)What a company owns
D)None of the choices are correct

Question 6

To prepare the Statement of Cash Flows,select:

A)Reports Center > Company & Financials
B)Reports Center > Accountant & Taxes
C)Company Center > Company & Financials
D)Company Center > Accountant & Taxes

Question 7

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 8

To prepare the entire Journal,select:

A)Reports Center > Accountant & Taxes > Journal
B)Company Center > Company & Financials > Journal
C)Reports Center > Company & Financials > Journal
D)Company Center > Accountant & Taxes > Journal

Question 9

On the Statement of Cash Flows,cash inflows and outflows to and from investors and creditors are categorized as cash flows from:

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

Question 10

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 11

To prepare the Balance Sheet,select:

A)Company Center > Company & Financials
B)Reports Center > Company & Financials
C)Reports Center > Accountant & Taxes
D)Company Center > Accountant & Taxes

Question 12

To prepare the Profit & Loss report,select:

A)Reports Center > Company & Financials
B)Reports Center > Accountant & Taxes
C)Company Center > Company & Financials
D)Company Center > Accountant & Taxes

Question 13

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

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

Question 14

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 15

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

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

Question 16

The Income Statement lists:

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

Question 17

The Profit & Loss Statement lists:

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

Question 18

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 choices are correct

Question 19

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

A)Tax-Mapping Line
B)Account Type
C)Item Number
D)None of the choices are correct

Question 20

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

A)Form 1099
B)Cash Budget
C)Cash Forecast
D)Accounts Receivable Aging Summary

Question 21

What is the primary objective of providing reports to users?

Question 22

List 3 (three)main types of financial reports and briefly explain the differences of each of the types of reports.

Question 23

Briefly explain how internal users can use management reports to make decisions. Give at least two examples of management reports and how they can be used by internal decision makers.