This practice exam can be taken as many times as needed to feel confident and prepared for the Financial Statements Exam.
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Question 1 of 10
1. Question
On which financial statement can you find Deferred Revenue?
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Question 2 of 10
2. Question
Where can you find cash provided by financing activities?
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Question 3 of 10
3. Question
What report tells the business owner how much working capital is in the business?
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Question 4 of 10
4. Question
Both the Statement of Cash Flows and Income Statement shows the Net Income.
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Question 5 of 10
5. Question
Which report(s) track loan payments? (Select all that apply.)
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Question 6 of 10
6. Question
Accumulated Depreciation is an expense account used to track depreciation entries throughout the years.
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Question 7 of 10
7. Question
Your client has used the business debit card to buy some groceries for supper. On which statement is that transaction shown? (Select all that apply.)
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Question 8 of 10
8. Question
Your client’s Statement of Cash Flows is showing a positive $500 for Accounts Receivable. How do you explain this number to him?
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Question 9 of 10
9. Question
Your new client is showing a negative balance in her 401k expense account. How do you correct this negative balance?
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Question 10 of 10
10. Question
The FASB standards dictate that any transaction considered unusual or infrequent for the business must be presented as a separate component on the Statement of Cash Flows.
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