1. A financial statement that summarizes company revenue and expenses is?

A) Balance sheet
B) Statement of owner equity
C) Income statement
D) Cash flow statement



2. What is the difference between the total incoming and the total outgoings?

A) Net cash flow
B) Cash inflow
C) Direct cost
D) Indirect cost



3. Which one of the following tangible fixed assets would not normally be depreciated?

A) Buildings
B) Machinery
C) Land
D) Equipment



4. Subtracting all expenses from revenues yields?

A) Net profit/Loss
B) Carrying value
C) Long-term assets
D) Net liabilities



5. The format of the balance sheet reflects which of the following?

A) The basic accounting equation
B) Worksheet
C) Statement of Owner Equity
D) Income statement