Question

1. A balance sheet  summarizes the financial position of a firm at a particular point in time by identifying and reporting the value of the firm’s assets, liabilities, and owners’ equity.

True

False

2. As a shareholder of the Lindburgh Corporation, Lara wants to know whether the company earned a profit or loss during the past year. Lara can find this information in the company's _____.

	a.	articles of incorporation
	b.	master budget
	c.	income statement
	d.	statement of cash flows

3. Managerial accounting:

	a.	​ provides managers information about a firm's financial situation on a predetermined schedule.
	b.	​ is the branch of accounting that adheres most strictly to the generally accepted accounting principles.
	c.	​ provides reports and analysis to external stakeholders to show them the current business state.
	d.	​ provides reports and analysis to managers to help them make informed business decisions.

4. Imagine that as of today, Apple is owed $15.7 billion from those who've purchased Apple products and haven't paid for them yet. $15.7 billion would be recorded as accounts payable in the liabilities sectionof  Apple's balance sheet.

True

False

Answer 1