Which financial statement is prepared first? a. Balance sheet b. Income statement c. Retained earnings statement d. Statement of cash flows | Homework.Study.com (2024)

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• Which financial statement does Cash appear on? A. Income Statement B. Statement of Retained Earnings C. Balance Sheet
• Which of the following is not a basic financial statement? a. Income statement b. Balance sheet c. Statement of cash flows d. Statement of retained earnings e. Revenue statement
• Which of the following statements is also called the statement of financial position? a. Income statement b. Statement of retained earnings c. Balance sheet d. Statement of cash flows e. Profitability statement
• On which financial statement should income tax expense be reported? a. Statement of Cash Flows b. Balance Sheet c. Statement of Retained Earnings d. Income Statement e. Income tax expense should not be reported.
• What financial statement would be most interesting to a creditor? a. retained earnings statement b. balance sheet c. income statement d. cash flow
• In which of the following sequences are the financial statements usually prepared? a. Income statement, retained earnings statement, balance sheet, and statement of cash flows. b. Income statement, balance sheet, retained earnings statement, and statement
• Which of the following is not one of the four basic financial statements? (a) Balance sheet (b) Statement of cash flows (c) Retained earnings statement (d) Income statement.
• On which financial statement will you find financing cash flow? 1. None. 2. Income Statement. 3. Statement of Cash Flows. 4. Balance Sheet.
• Which financial statement would not be affected by a failure to accrue wages? a) Balance sheet. b) Cash flow statement. c) Income statement. d) Retained earnings statement.
• On which financial statement will you find Sales or Revenue? 1. Statement of Cash Flows. 2. Balance Sheet. 3. Income Statement. 4. None of the above.
• Which of the following reports the financial position of the business? a. Income statement b. Statement of cash flows c. Statement of retained earnings d. Balance sheet e. None of the above
• Which of the following financial statements is concerned with the company at a point in time? a. Balance sheet. b. Income statement. c. Retained Earnings statement. d. Statement of cash flows.
• Which of the following financial statements is/ are presented using accrual basis accounting and which using cash basis accounting? 1) Income statement 2) Balance sheet 3) Statement of cash flows
• What financial statement would be most interesting to a manager? a. retained earnings statement b. balance sheet c. income statement d. cash flow
• Which standard financial statement would you use if you want to know details of cash inflows and outflows? a. Cash flow statement b. Break-even analysis c. Balance sheet d. Income statement
• Which of the following statements does not cover a period of time? a. income statement b. statement of retained earnings c. balance sheet d. statement of cash flows
• Which of the following is not considered a pro forma financial statement? a. Sales budget b. Balance sheet c. Cash flow statement d. Income statement
• On which financial statement will you find Interest Expenses? 1. Statement of Cash Flows. 2. None. 3. Balance Sheet. 4. Income Statement.
• Which financial statement reconciles net income with net cash flows from operating activities? A) Statement of retained earnings B) Statement of cash flows C) Income statement D) Balance sheet
• The Unearned Revenue account is shown in which statement? a. Income statement. b. Statement of cash flows. c. Balance sheet. d. Statement of stockholders' equity.
• Which of the following financial statements reports revenues? A. Statement of cash flows B. Income statement C .Statement of owner's equity D. Balance sheet
• Which financial statement will tell the reader of the financial statement the dollar amount of supplies the company has on hand at the end of the period? a. Income Statement. b. Balance Sheet. c. Statement of Retained Earnings. d. Statement of Cash Flows.
• What financial statement would be most interesting to a potential investor? a. retained earnings statement b. balance sheet c. income statement d. cash flow
• On which financial statement should income tax expense be reported? a. Statement of cash flows b. Balance sheet c. Statement of retained earnings d. Income statement e. Statement of working capital
• Which financial statement is a snap-shot in time of a business' financial status? a. Balance Sheet b. Statement of Stockholders' Equity c. Cash Flow Statement d. Income Statement
• What are a balance sheet, an income statement, and cash flow?
• Which financial statement is similar to the accounting equation? a. the income statement b. the balance sheet c. the statement of changes in shareholders' equity d. the statement of cash flows
• Which of the following is true regarding the statement of cash flows? a. It must be prepared prior to the income statement. b. It is the one statement that relies on accrual accounting. c. This statement is based on the principles of double-entry bookkeep
• On which financial statement will you find Stockholders' Equity? 1. Balance Sheet. 2. None. 3. Statement of Cash Flows. 4. Income Statement.
• Determine the financial statement on which supplies expense would appear. a. income statement b. balance sheet c. both the income statement and the balance sheet d. neither the income statement nor the balance sheet
• Which financial statement reports revenues and expenses? Which statement reports cash receipts and cash payments?
• The dividends payable account belongs on which statement? a. statement of cash flows b. statement of retained earnings c. balance sheet d. income statement
• The dividends payable account belongs to which statement? A. Statement of cash flows B. Statement of retained earnings C. Balance sheet D. Income statement
• How do you prepare statement of cash flows from a balance sheet and income statement with loss and gain in income statement?
• Identify which statement the following item would appear: Sales. a. Income Statement b. Balance Sheet c. Statement of Cash Flows
• What information is provided in a statement of cash flows that is not disclosed in a balance sheet or an income statement?
• Which financial statement represents the accounting equation, Assets = Liabilities + Owner's equity. a. Income Statement. b. Statement of Cash flows. c. Balance Sheet. d. None of the above.
• What are the purposes of the income statement, balance sheet, and the statement of cash flows?
• Which of the following relationships across the financial statements is correct? A. Cash is reported on both the statement of cash flows and the income statement B. Net income is reported on both the statement of stockholders' equity and the income stat
• Formal presentation of the accounting equation a) Income statement b) Balance sheet c) Statement of retained earnings d) Statement of cash flows
• Which of the following financial statements is concerned with the company at a point in time? a) balance sheet b) retained earnings statement c) statement of cash flows d) income statement
• Which of the following statements would be most useful if an analyst wants to know the profitability of a company? a. Income statement b. Balance sheet c. Statement of retained earnings d. Statement of cash flows
• Which of the following statements is not impacted by the payment of cash dividends? a. income statement b. statement of retained earnings c. balance sheet d. statement of cash flows e. all of the above are affected
• Reports only revenues and expenses a) Income statement b) Balance sheet c) Statement of retained earnings d) Statement of cash flows
• After net income has been determined, it is then transferred to: a. the statement of retained earnings. b. the statement of cash flows. c. the income statement. d. the balance sheet.
• Determine the financial statement on which inventory would appear. a. income statement b. balance sheet c. both the income statement and the balance sheet d. neither the income statement nor the balance sheet
• Which financial statement would you utilize to determine whether a company will be able to pay liabilities which are due in 30 days? a) Income statement b) Balance sheet c) Statement of retained earnings d) Statement of cash flows
• The 1st statement prepared a) Income statement b) Balance sheet c) Statement of retained earnings d) Statement of cash flows
• In which of the following financial statement(s) would you likely find the Retained Earnings account? a. Income statement b. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows
• A financial statement that reports accounting data at a specific date is the: a. balance sheet. b. retained earnings statement. c. income statement. d. statement of cash flows.
• Explain the basic formats of financial statements, such as the income statement, balance sheet, statement of cash flows, and statement of retained earnings.
• Identify which statement the following item would appear: Cash paid for wages during the period. a. Income Statement b. Balance Sheet c. Statement of Cash Flows
• Identify which statement the following item would appear: Wage expense for the period. a. Income Statement b. Balance Sheet c. Statement of Cash Flows
• Describe the interrelationship between: (1) a balance sheet and an income statement (2) income statement and statement of cash flows (3) balance sheet and statement of cash flows
• Which of the following statements accurately describes the statement of cash flows? a. It shows the link between book income and earnings per share. b. It shows the link between accrual based income and the cash reported on the balance sheet. c. It shows
• Indicate which statement you would examine to find each of the following items: income statement (I), balance sheet (B), retained earnings statement (R), or statement of cash flows (C). (a) Revenue during the period. (b) Supplies on hand at the end of t
• Explain the relationship among the income statement, statement of retained earnings, balance sheet, and statement of cash flows.
• How are the income statement, balance sheet, and cash flow statement interrelated?
• Describe how the financial statements (the income statement, statement of retained earnings, balance sheet and statement of cash flows) are interrelated. Provide at least two examples. If you were an investor, would you place more emphasis on any one part
• Identify which statement the following item would appear: Inventory, ending balance. a. Income Statement b. Balance Sheet c. Statement of Cash Flows
• Identify which statement the following item would appear: Cash received from borrowing money during the period. a. Income Statement b. Balance Sheet c. Statement of Cash Flows
• 2nd statement prepared a) Income statement b) Balance sheet c) Statement of retained earnings d) Statement of cash flows
• The financial statements most frequently provided include all of the following except the: a. balance sheet. b. income statement. c. statement of cash flows. d. statement of retained earnings.
• Which of the financial statements are required by the GAAP? A. Statement of changes in stockholders' equity. B. Balance sheet. C. Statement of cash flows. D. Income statement. E. All of the above.
• Financial statements generally include all but which of the following: A) Income statement. B) Federal income tax return. C) Balance sheet. D) Statement of cash flows.
• What is the difference in the Income Statement and the Statement of Cash Flow in terms of what they report on the statement?
• Which of the following financial statements could properly have the following in the date line: For the Year Ended December 31, 2010"? a. Balance Sheet. b. Income Statement. c. Statement of Cash Flows. d. a. and c. above. e. b. and c. above.
• What is the usefulness of the statement of cash flow? Do the balance sheet and the income statement provide sufficient cash flow information?
• Which of the following is the correct order in which the financial statements should be prepared? a.Income statement, statement of stockholders' equity, balance sheet, statement of cash flows b.Statement of stockholders' equity, statement of cash flows, i
• Which of the following statements about the financial statements is correct? a) The "change in cash" reported on the statement of cash flows is also reported on the statement of retained earnings. b) The statement of cash flows is for a period of time whi
• What of the financial statements shows the amount of dividends distributed to the owners? a. Balance sheet b. Statement of retained earnings c. Income statement d. Income statement and statement of retained earnings
• Determine the financial statement on which interest income would appear. a. income statement b. balance sheet c. both the income statement and the balance sheet d. neither the income statement nor the balance sheet
• Nominal accounts are NOT found on which of the following financial statements? A) Balance sheet B) Income statement C) Statement of cash flows D) Retained earnings statement
• What financial statement would you look at to determine the dividends declared by a business? a. income statement b. statement of stockholders' equity c. statement of cash flows d. balance sheet
• Which financial statement shows the results of the operating activities of a firm for a specific period of time? a) Trial Balance sheet b) Balance Sheet c) Income Statement d) Statement of Cash Flow
• Identify each item with its appropriate financial statement, using the following abbreviations: Income statement (I), Statement of retained earnings (R), Balance sheet (B), and Statement of cash flow
• What basis of accounting does GAAP require on the income statement, balance sheet, and statement of cash flows?
• Which financial statement matches asset increases from operating a business with asset decreases from operating the business? a. Statement of changes in equity b. Balance sheet c. Income statement d. Statement of cash flows
• Which financial statement includes sections related to Operating Activities, Investing Activities, and Financing Activities? a. Income Statement. b. Retained Earnings. c. Statement Balance. d. Sheet Statement of Cash Flows.
• Which of the following statements is true of income tax expense? a. It is reported at the top of income statement. b. It is reported in the statement of retained earnings. c. It is incurred to generate revenue. d. It is recognized only on payment of cash.
• What basic financial statements can be found in a corporate annual report? a. Balance sheet, auditor's report and income statement. b. Balance sheet, income statement, statement of shareholders' equity, and statement of cash flows. c. Earnings statement a
• Which one of the following items is not generally used in preparing a statement of cash flows? a. Additional information. b. Adjusted trial balance. c. Current income statement. d. Comparative balance sheets.
• Which of the following statements is not prepared by a private college or university? a. Statement of financial position. b. Statement of cash flows. c. Statement of activities. d. Statement of comprehensive income.
• On which financial statement would you look to find the dollar amount of inventory that a firm has? a. Income statement b. Statement of cash flows c. Statement of stockholders' equity d. Balance sheet
• A summary of the cash receipts and cash payments is called: a. Balance sheet b. Income statement c. Statement of cash flows d. Statement of retained earnings
• Determine the financial statement on which dividend income would appear. a. income statement b. balance sheet c. both the income statement and the balance sheet d. neither the income statement nor the balance sheet
• Which financial statement will allow you to determine the gross margin for a retailer or manufacturer? A. Balance Sheet B. Income Statement C. Statement of Cash Flows D. Statement of comprehensive income E. Statement of Stockholders Equity
• Identify which statement the following item would appear: Cash used to pay off notes payable during the period. a. Income Statement b. Balance Sheet c. Statement of Cash Flows
• Which of the following is true of the statement of cash flows? a. It is not required to be presented under U.S. GAAP. b. It connects the income statements and balance sheets. c. It is considered to be the least important financial statement by the inve
• Match the following items with the appropriate financial statement: a. Income statement b. Balance sheet c. Retained earnings statement d. Statement of cash flows (1) Cash (2) Salary expense (3) Unearned revenue (4) Depreciation expense (5) Cap
• Determine the financial statement on which common stock would appear. a. income statement b. balance sheet c. both the income statement and the balance sheet d. neither the income statement nor the balance sheet
• Identify which statement the following item would appear: Cash received from customers. a. Income Statement b. Balance Sheet c. Statement of Cash Flows
• Which financial statement, for the sole proprietorship, serves as a connection between the Income Statement and the Balance Sheet? a. Statement of Retained Earnings b. Statement of Cash Flows c. Multi-step Income Statement d. Statement of Owner's Equi
• Which financial statement is provided by virtually all corporations worldwide? A. Statement of Cash Flows B. Statement of Changes in Financial Position C. Balance Sheet D. Statement of Changes in Non-current Assets
• Identify which statement the following item would appear: Cash paid for property, plant and equipment during the period. a. Income Statement b. Balance Sheet c. Statement of Cash Flows
• The basic financial statements do not include the: a) income statement b) tax return c) balance sheet d) statement of cash flows
• Identify which statement the following item would appear: Property, plant and equipment, ending balance. a. Income Statement b. Balance Sheet c. Statement of Cash Flows
• Identify which statement the following item would appear: Cost of goods (inventory) sold during the period. a. Income Statement b. Balance Sheet c. Statement of Cash Flows
• Determine the financial statement on which land would appear. a. income statement b. balance sheet c. both the income statement and the balance sheet d. neither the income statement nor the balance sheet