1 Which financial statement displays the revenues and expenses of a company for a period of time?
a Income statement
b Balancesheet
c Cash flow Statement
d Statement of shareholder's equity
2 What is the main purpose of financial accounting?
a Organise Financial Information
b Provide Useful ,financial information to outsiders.
c Keep track of company expenses.
d Minimise company taxes.
3 Which of these is not included as a separate item in the basic accounting equation?
a Assets
b Revenues
c Liabilities
d Shareholder's equity
4 Any expense that gives benefit for a period of less than twelve months is called ________.
a Capital Expense
b Revenue Expense
c Revenue Receipt
d Deferred Expense
5 Prepaid rent given in the Trial Balance will be treated as a (an):
a Asset
b Liability
c Revenue
d Deferred expense