Financial Statements. Exercises & Problems
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1 Financial Statements Exercises & Problems 1. The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the: A. Income statement B. Owner s equity statement. C. Balance sheet. D. Statement of cash flow. 2. The financial statement that reports assets, liabilities, and owner s equity is the: A. Income statement B. Owner s equity statement. C. Balance sheet. D. Statement of cash flow. 3. Another name of the balance sheet is: A. Statement of operations B. Owner s equity statement. C. Statement of financial position D. Statement of cash flow. 4. Assets are reported on the financial statement known as the: A. Income statement B. Owner s equity statement C. Balance sheet D. Statement of cash flow 1
2 5. The financial statement that reports the components of a company's earnings is the: A. Statement of cash flow B. Owner s equity statement C. Balance sheet D. Income statement 6. An asset that generally will turn to cash or will be used up within one year of the balance sheet date is called: A. Fixed Asset B. Property, plant, and equipment C. Current Asset D. Long term asset 7. A resource that has future economic value describes an: A. Expense B. Liability C. Revenue D. Asset 8. An obligation due within one year of the balance sheet date is a generally called: A. Long term liability B. Owner s equity C. Short term liability D. Long term asset 9. Balance sheet accounts are known as: A. Temporary accounts B. Nominal accounts C. Short term accounts D. Permanent accounts 2
3 10. Income statement accounts are known as: A. Temporary accounts B. Nominal accounts C. Short term accounts D. Permanent accounts 11. The main revenue account of a retail store is: A. Other revenue account B. Purchases account C. Sales account D. discount account 12. Sales minus the cost of goods sold equals: A. Net profit B. Gross profit C. Operating profit D. Total profit 13. Sales minus 1) Sales Discounts, and 2) Sales Returns and Allowances equals: A. Gross sales B. Total sales C. Net sales D. Operating sales 14. The cost of goods sold is the cost of goods available minus the costs in: A. Ending inventory B. Gross inventory C. Beginning inventory D. Net inventory 3
4 15. Generally, a merchandiser's largest expense on its income statement is the: A. Administrative expenses B. Cost of goods sold C. Other expenses D. Selling expenses 16. Revenue and expense accounts are which type of accounts? A. Permanent accounts B. Real accounts C. Temporary accounts D. Long term accounts 17. The income statement heading of Other Revenue refers to: A. Operating revenues B. Selling revenues C. Gross revenues D. Non-operating revenues 18. The income statement of an economic entity reports: A. An excess of revenues over expenses as income B. An excess of expenses over revenue as income C. An excess of revenues over expenses as a loss D. An excess of expenses over revenues as equity 19. Financial statement items such as revenue, cost of goods sold, and administrative expenses are normally found in : A. Statement of cash flow B. Owner s equity statement C. Balance sheet D. Income statement 4
5 20. Financial statement items such as cash, building, and account payable are normally found in: A. Statement of cash flow B. Owner s equity statement C. Balance sheet D. Income statement 21. The elements of an income statement include: A. Revenues, assets, expenses, liabilities, and owner s equity B. Revenues, liabilities and expenses C. Expenses, revenues, and owner s equity D. Revenues, expenses, gross profit, and net income 22. The customary presentation of assets in a balance sheet is by: A. Size of the balance B. Nearness of the maturity date C. Likelihood of collection D. Degree liquidity 23. Fixed assets (Non-current) include: A. Cash, inventory, equipment B. Cash, bank, and account receivables C. Marketable securities, inventory, note receivables D. Buildings, equipments, and land 24. The shareholder s equity section of a company s balance sheet includes: A. Long-term liabilities B. Capital C. Fixed assets D. Current assets 5
6 25. This account does not appear on the income statement: A. Accumulated depreciation B. Depreciation expense C. Sales revenue D. Marketing expense 26. The elements of balance sheet include: A. Assets, liabilities, and income B. Cash flows, liabilities, and equity C. Assets, liabilities, and equity D. Assets, cash flows, and equity 27. Which of the following relationships is true in every balance sheet, regardless of its format? A. Assets + Equity = Liabilities B. Assets Liabilities = Equity. C. Cash flows + Liabilities = Equity D. Income + Liabilities = Assets 28. The balance sheet of an entity reports: A. Assets, which are the entity s obligations to others. B. Liabilities, which are the entity s property rights. C. Assets, liabilities, and equity D. Income 29. Which list places assets in order of liquidity, from most liquid to least liquid? A. Buildings, inventory, accounts receivable B. Accounts receivable, cash, inventory, land C. Inventory, equipment, accounts receivables. D. Cash, accounts receivable, inventory, equipment 6
7 30. The principal financial statements of an entity are (is): the Statement of: A. Balance sheet B. Statement of cash flows C. Income statement D. Income statement and balance sheet 31. The financial statement or statements that pertain to a specific date is (are) the: A. Balance sheet B. Income statement C. Balance sheet and income statement D. None of the above 32. Which of the following accounts is not a temporary account? A. Sales revenues B. Capital C. Loss on sale of equipment D. Interest expense 33. If an entity s revenues are greater than its expenses in an accounting period, then: A. Its net income will be closed to equity, and equity will increase. B. Its net loss will be closed to equity, and equity will increase. C. Its net income will be closed to equity, and equity will decrease. D. Its net loss will be closed to equity, and equity will decrease. 7
8 34. Fixed assets (non-current ) provides benefits: A. That will be realized in cash in the next 6-12 months B. In future years, but not in the current year C. In future years in addition to the current year D. Only when they are sold for cash Use the following information to answer questions Kuwait s Company Trail Balance 31/12/2012 Account Name Debit Credit Cash 50,000 Sales 250,000 Sales returns & allowance 30,000 Sales discount 15,000 Purchases 91,000 Purchase returns & allowance 25,000 Purchase discount 12,000 Purchase delivery expenses (transportation-in) 20,000 Beginning inventory 35,000 Sales delivery expenses (transportation-out) 9,500 Administrative expenses 8,500 Interest revenue 4,000 Land 100,000 Buildings 50,000 Equipments 40,000 Account receivables 35,000 Note payables 7,000 Account payables 11,000 Long-term loans 33,000 Withdrawals 2,500 Interest expenses 1,000 Advertising expenses 7,500 Note receivables 55,000 Short-term loans 8,000 Capital 200,000 Total 550, ,000 At the closing date, the ending inventory was K.D. 25,000 8
9 35. On December 31, net sales are equal to: A. K.D. 220,000 B. K.D. 205,000 C. K.D. 250,000 D. K.D. 295, On December 31, net purchases are equal to : A. K.D 34,000 B. K.D. 54,000 C. K.D. 74,000 D. K.D. 148, On December 31, cost of goods available for sale is equal to: A. K.D 109,000 B. K.D. 39,000 C. K.D. 89,000 D. K.D183, On December 31, cost of goods sold is equal to: A. K.D 74,000 B. K.D. 84,000 C. K.D. 100,000 D. K.D 109, On December 31, gross profit is equal to: A. K.D 124,000 B. K.D. 144,000 C. K.D. 121,000 D. K.D 134,000 9
10 40. On December 31, total selling expenses are equal to: A. K.D 8,500 B. K.D. 9,500 C. K.D. 15,000 D. K.D 18, On December 31, total general and administrative expenses are equal to: A. K.D 15,000 B. K.D. 18,000 C. K.D. 8,500 D. K.D 9, On December 31, total operating expenses are equal to: A. K.D 23,500 B. K.D. 33,000 C. K.D. 26,500 D. K.D 27, On December 31, net profit from operating activities are equal to: A. K.D. 103,000 B. K.D. 94,500 C. K.D. 112,500 D. K.D 147, On December 31, other revenues are equal to: A. K.D. 1,000 B. K.D. 2,500 C. K.D. 4,000 D. K.D 5,000 10
11 45. On December 31, other expense are equal to: A. K.D. 5,000 B. K.D. 4,000 C. K.D. 2,500 D. K.D 1, On December 31, total current assets are equal to: A. K.D. 120,000 B. K.D. 140,000 C. K.D. 175,000 D. K.D 165, On December 31, total fixed assets are equal to: A. K.D. 100,000 B. K.D. 150,000 C. K.D. 190,000 D. K.D 225, On December 31, total assets are equal to: A. K.D. 220,000 B. K.D. 290,000 C. K.D. 355,000 D. K.D 390, On December 31, short-term liabilities are equal to: A. K.D. 59,000 B. K.D. 33,000 C. K.D. 26,000 D. K.D 35,000 11
12 50. On December 31, long-term liabilities are equal to: A. K.D. 59,000 B. K.D. 33,000 C. K.D. 51,000 D. K.D 35, On December 31, owner s equity is equal to: A. K.D. 298,500 B. K.D. 200,000 C. K.D. 296,000 D. K.D 301, On December 31, total liabilities and owner s equity are equal to: A. K.D. 296,000 B. K.D. 322,000 C. K.D355,000 D. K.D 329,000 12
13 The following is the trail balance of Gulf Industries Company: Use the following information to answer questions Account Name Debit Credit Cash 300,000 Beginning Inventory 60,000 Sales 650,000 Sales Returns and Allowances 4000 Purchases 200,000 Purchases Returns and Allowances 3000 Purchase Delivery Fees 5000 Rent Expenses 25,000 Selling Expenses 15,000 Prepaid Insurance 28,000 Buildings 100,000 Accumulated Depreciation - Buildings 60,000 Account Receivable 34,000 Account Payable 8000 Capital 50,000 Total 771, ,000 At the closing date, the ending inventory was 80, Net Sales: A. K.D. 650,000 B. K.D. 646,000 C. K.D 647,000 D. K.D 654, Cost of Goods Sold: A. K.D. 178,000 B. K.D. 188,000 C. K.D 180,000 D. K.D 182,000 13
14 55. Gross Profit: A. K.D. 472,000 B. K.D. 458,000 C. K.D 467,000 D. K.D 464, Total operational Expenses: A. K.D. 25,000 B. K.D. 15,000 C. K.D 40,000 D. K.D 68, Net Profit: A. K.D. 447,000 B. K.D. 443,000 C. K.D 439,000 D. K.D 424, Current Asset: A. K.D. 300,000 B. K.D. 414,000 C. K.D 334,000 D. K.D 394, Owner s Equity : A. K.D. 482,000 B. K.D. 484,000 C. K.D 424,000 D. K.D 474,000 14
15 The following is the trail balance of Arab Industries Company. Use the following information to answer questions Account Name Debit Credit Sales Sales discount 2000 Sales Returns and allowances 2000 Beginning Inventory Purchases Transportation in 2000 Purchases Discount 3000 Purchases Returns and allowances 1000 Transportation out 1000 Rent 2000 Salaries 6500 Prepaid Advertising Expense 4000 Interests Revenue 3000 Accrued Salaries Expenses 6000 Interests Expenses 2500 Bank Account Receivable Note Receivable Equipments Accumulated Depreciation -- Equipments 6000 Cars Note Payable 4000 Account Payable 6000 Long term loan 7000 Capital Owner's withdraws 3000 Total Ending Inventory is Net Sales: A. K.D. 84,000 B. K.D. 82,000 C. K.D 90,000 D. K.D 80,000 15
16 61. Cost of Goods Sold: A. K.D. 51,000 B. K.D. 54,000 C. K.D 56,000 D. K.D 55, Gross Profit: A. K.D. 33,000 B. K.D. 24,000 C. K.D 26,000 D. K.D 28, Selling Expenses: A. K.D. 1,000 B. K.D. 2,000 C. K.D 8,500 D. K.D 3, General & Administrative Expenses: A. K.D. 2,000 B. K.D. 6,500 C. K.D 3,000 D. K.D 8, Total Operational Expenses: A. K.D. 11,500 B. K.D. 8,500 C. K.D 9,500 D. K.D 10,500 16
17 66. Total Other Expenses : A. K.D. 3,000 B. K.D. 2,500 C. K.D 5,500 D. K.D 6, Total Other Revenues : A. K.D. 3,000 B. K.D. 2,500 C. K.D 5,500 D. K.D 6, Net Profit: A. K.D. 15,000 B. K.D. 14,000 C. K.D 13,000 D. K.D 12, Current Assets: A. K.D. 52,000 B. K.D. 57,000 C. K.D 43,000 D. K.D 30, Fixed Assets: A. K.D. 51,000 B. K.D. 26,000 C. K.D 45,000 D. K.D 32,000 17
18 71. Other Assets: A. K.D. 6,000 B. K.D. 19,000 C. K.D 10,000 D. K.D 4, Short-term Liabilities: A. K.D. 4,000 B. K.D. 6,000 C. K.D 10,000 D. K.D 7, Long-term Liabilities: A. K.D. 6,000 B. K.D. 4,000 C. K.D 7,000 D. K.D 10, Other Liabilities: A. K.D. 10,000 B. K.D. 4,000 C. K.D 7,000 D. K.D 6, Owner s Equity : A. K.D. 83,000 B. K.D. 84,000 C. K.D 85,000 D. K.D 86,000 18
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