Financial statement quiz | Business & Finance homework help

This statement provides a quantitative summary of a company’s assets, liabilities and net worth as of a specific point in time

This document, issued once a year, provides a thorough reporting of the firm’s activities during the previous year and its prospects for the future, including both quantitative and descriptive information

This value is the amount of earnings generated by the firm during an accounting period per each outstanding share of a company’s common stock

This statement summarizes the revenues earned and the expenses incurred by the firm. The bottom line of this statement usually reports either the firm’s net profit in total or the net profit earned on a per-share basis

This standardized financial statement can be used to compare the financial performance of companies of different sizes or industries by dividing each account on the income statement by the firm’s total sales. Doing so, standardizes each account in terms of $1 of total sales earned. = common size Income Statement

This statement can be created using either of two methods; the direct or the indirect methods. The indirect method requires the use of some information from the period’s income statement and the comparison of the balances between two balance sheets

This method of cost allocation is used to match the cost of a tangible asset with the period of time over which it generates benefits for the firm and results in a constant, or equal, cost allocation over each year of the asset’s productive life.

This document issued once a year, provides a thorough reporting of the firm’s activities during the previous year and its prospects for the future, including both quantitative and descriptive information

This statement is said to report an accumulation of the firm’s earning from the beginning of the firm’s life since it represents the year to year accumulation of the firm’s profits  

This type of cash inflow or outflow is generated in the normal course of a firm’s business activities. EXAMPLES INCLUDE SALES REVENUES, THE MAKING AND COLLECTION OF ACCOUNTS payable and receivable and wages and taxes payable.

An asset that lacks this attribute may take a long time to sell or be collected so that it can be converted into usable cash, may require a big drop in price compared to its purchase price to induce a buyer to purchase it and /or a transaction cost to purchase cost to purchase or sell it.



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