Financial Reports

Which financial statement reports a company's financial performance over a specific period, such as a quarter or a year?
1. Balance Sheet
2. Income Statement
3. Statement of Cash Flows
4. Statement of Equity
The statement of owner's equity details changes in equity, including profits, losses, and draws/dividends, over a given period
1. True
2. False
What is the primary purpose of an activity report?
1. To show a company's financial position at a specific point in time.
2. To summarize the cash inflows and outflows of a business.
3. To provide a detailed account of specific business operations or projects.
4. To report a company's profitability over a period of time.
What is the main function of an aging report?
1. To show a company's overall profitability.
2. To analyze the outstanding balances of accounts receivable or accounts payable over time.
3. To track the movement of cash in and out of a business.
4. To report on the company's equity
In an aging report, what does the term "current" typically refer to?
1. Invoices that are over 90 days old.
2. Invoices that are not yet due or are recently due
3. Invoices that are past due by 30-60 days.
4. Invoices that have been written off as bad debt.
Activity reports are designed to provide detailed information about specific activities, projects, or departments within an organization.
1. True
2. False
An aging report helps in identifying overdue invoices and assessing credit risk.
1. True
2. False
Activity reports are always standardized and follow a specific format.
1. True
2. False
Activity reports can include sales reports,purchasing reports, production reports, and marketing campaign performance reports.
1. True
2. False
The purpose of the income statement is to show a company's financial position at a specific point in time.
1. True
2. False
The balance sheet equation is: Assets = Liabilities - Equity.
1. True
2. False
Which of the following is an example of information typically found in an activity report?
1. Total assets and liabilities.
2. Net income.
3. Sales figures, production output, and customer acquisition costs.
4. Cash flows from operating, investing, and financing activities.