Financial Accounting 9th Edition by Miller-Nobles Test bank

Both A and B are true.

Answer: D
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 4 Prepare financial statements
A-Head: How do you prepare financial statements?

55. Which of the following financial statements reports cash receipts and cash payments during a period of time?

1. Cash flow statement
2. Statement of changes in equity
3. Income statement
4. Balance sheet

Answer: A
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 4 Prepare financial statements
A-Head: How do you prepare financial statements?

56. Which of the following financial statements reports an increase or decrease in net cash during the time period covered?

1. Income statement
2. Balance sheet
3. Cash flow statement
4. Statement of changes in equity

Answer: C
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 4 Prepare financial statements
A-Head: How do you prepare financial statements?

57. Which of the following financial statements shows the changes in Owners' equity during a period of time?

1. Balance sheet
2. Statement of changes in equity
3. Cash flow statement
4. Income statement

Answer: B
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 4 Prepare financial statements

• Head: How do you prepare financial statements?

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58. Which of the following financial statements lists the entity's assets, liabilities and owners' equity as at a specific date?

1. Cash flow statement
2. Balance sheet
3. Income statement
4. Statement of changes in equity

Answer: B
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 4 Prepare financial statements
A-Head: How do you prepare financial statements?

59. Financial statements are prepared after an entity's transactions are analysed and recorded. Which of the following reports is NOT one of the required financial statements?

1. Income statement
2. Balance sheet
3. Statement of drawings
4. Cash flow statement

Answer: C
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 4 Prepare financial statements
A-Head: How do you prepare financial statements?

60. Each financial statement includes a heading giving three pieces of data. Which of the following items is NOT included in these headings?

1. Name of the preparer of the statement
2. Name of the business
3. Name of the financial statement
4. Date or time period covered

Answer: A
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 4 Prepare financial statements

• Head: How do you prepare financial statements?

Full download link: https://reurl.cc/leDDMQ
 

True/False: Write 'T' if the statement is true and 'F' if the statement is false.

61. The balance sheet of a business represents the account balances as at a particular date in time.

1. True
2. False

Answer: True
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 4 Prepare financial statements
A-Head: How do you prepare financial statements?

62. The relative proportion of economic resources and obligations isn’t shown by the balance sheet.

1. True
2. False