INTUIT ACADEMY EXAMINING FINANCIAL STATEMENTS EXAM QUESTIONS ANSWERED
CORRECTLY LATEST UPDATE 2025-2026
A set of reports that show how a business is performing financially and all business activities
related to running the business. - Answers Financial Statements
A financial statement that reports a business's assets, liabilities, and equity at a specific point in
time. - Answers Balance sheet
Also called the profit and loss (P&L) statement, it shows the business's revenues and expenses
during a particular period. - Answers Income statement
Reports the sources and uses of cash by a business. - Answers Statements of cash flows
Reports the changes in a business's equity, from the opening balance to the end of the period
balance. - Answers Statement of equity
Revenue - Answers Which area of an income statement can indicate a good marketing or sales
process but doesn't necessarily mean the business is profitable?
Activities that bring income to the business.
For example, cash sales, receiving money for invoices from accounts receivable, or a capital
infusion from the business owner. - Answers Cash Inflow
Activities that send cash away from the business.
For example, making vendor payments from accounts payable, making a loan payment, paying
taxes, or owner draws from business profits. - Answers Cash Outflow
From the statement of cash flow, includes all cash inflows and outflows related to operating a
business. - Answers Operating Activities
Part of the statement of cash flows that includes all cash inflows and outflows related to
purchasing fixed assets or investing in another business or venture. - Answers Investing
Activities
Part of the statement of cash flows that includes owner's draws or pain-in capital. - Answers
Financing Activities
From the statement of cash flow, total cash difference between the beginning and ending of the
period from operating, investing, and financing sections. - Answers Net cash increase/decrease
Income statement. The income statement will show if the business made a profit or not. -
Answers Kristine, the owner of a copy and print shop, wants to know if she can afford to
purchase a new multifunction copier.
CORRECTLY LATEST UPDATE 2025-2026
A set of reports that show how a business is performing financially and all business activities
related to running the business. - Answers Financial Statements
A financial statement that reports a business's assets, liabilities, and equity at a specific point in
time. - Answers Balance sheet
Also called the profit and loss (P&L) statement, it shows the business's revenues and expenses
during a particular period. - Answers Income statement
Reports the sources and uses of cash by a business. - Answers Statements of cash flows
Reports the changes in a business's equity, from the opening balance to the end of the period
balance. - Answers Statement of equity
Revenue - Answers Which area of an income statement can indicate a good marketing or sales
process but doesn't necessarily mean the business is profitable?
Activities that bring income to the business.
For example, cash sales, receiving money for invoices from accounts receivable, or a capital
infusion from the business owner. - Answers Cash Inflow
Activities that send cash away from the business.
For example, making vendor payments from accounts payable, making a loan payment, paying
taxes, or owner draws from business profits. - Answers Cash Outflow
From the statement of cash flow, includes all cash inflows and outflows related to operating a
business. - Answers Operating Activities
Part of the statement of cash flows that includes all cash inflows and outflows related to
purchasing fixed assets or investing in another business or venture. - Answers Investing
Activities
Part of the statement of cash flows that includes owner's draws or pain-in capital. - Answers
Financing Activities
From the statement of cash flow, total cash difference between the beginning and ending of the
period from operating, investing, and financing sections. - Answers Net cash increase/decrease
Income statement. The income statement will show if the business made a profit or not. -
Answers Kristine, the owner of a copy and print shop, wants to know if she can afford to
purchase a new multifunction copier.
