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Financial statements: Quiz


Question 1: ________: also referred to as statement of financial position or condition, reports on a company's assets, liabilities, and Ownership equity at a given point in time.
AccountancyLiability (financial accounting)Equity (finance)Balance sheet

Question 2: Liability is an important issue: in the UK, for example, auditors have ________.
Limited liabilityCorporationBusinessCompanies law

Question 3: ________: reports on a company's cash flow activities, particularly its operating, investing and financing activities.
DividendIncome statementBalance sheetCash flow statement

Question 4: In the United States, especially in the post-________ era there has been substantial concern about the accuracy of financial statements.
DynegyCitigroupEnronEnron scandal

Question 5: ________: also referred to as Profit and Loss statement (or a "P&L"), reports on a company's income, expenses, and profits over a period of time.Profit & Loss account provide information on the operation of the enterprise.
Cash flow statementIncome statementGeneral ledgerRevenue

Question 6: In ________, including United Kingdom company law, financial statements are often referred to as accounts, although the term financial statements is also used, particularly by accountants.
Canadian EnglishEnglish languageAmerican EnglishBritish English

Question 7: Employees also need these reports in making ________ agreements (CBA) with the management, in the case of labor unions or for individuals in discussing their compensation, promotion and rankings.
EmploymentTrade unionLabour lawCollective bargaining


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