UTA Entrance Accounting Exam Questions And
Answers 100% Solved
Which financial statement provides information related to the financial performance of a
company during a specific period? income statement
The income statement reports earning for a company during a specific time period.
A company reports net income when services provided are greater than the cost to
provide the services
Which of the following is considered and expense?
prepaid expense
cost of goods sold
sales
building cost of goods sold
,UTA Entrance Accounting Exam Questions And
Answers 100% Solved
The government agency with legal authority over financial reporting of U.S. public companies is
called securities exchange commission (SEC)
FASB has no legal authority
Which financial statement reports dividends paid to shareholders? statement of owners
equity
Dividends are not reported on the income statement, it is not an expense. They are netted into
retained earnings on the balance sheet.
assets typically include accounts receivable and equipment
What financial document is for the specific purpose of reporting cash flows? cash flow
statement
, UTA Entrance Accounting Exam Questions And
Answers 100% Solved
Which statement provides information on goods and services provided to customers?
income statement
Providing goods and services to customers is revenues which is only on the income statement.
Liabilities are obligations resulting from past transactions
Prepaid expenses is an asset because the company owns it
the company has paid ahead and therefore has future benefit
a past transaction has occurred
Economic resources is the technical term for assets
An examination of accounting records to determine if the records and reports are in accordance
with generally accepted accounting standards is called an audit
Answers 100% Solved
Which financial statement provides information related to the financial performance of a
company during a specific period? income statement
The income statement reports earning for a company during a specific time period.
A company reports net income when services provided are greater than the cost to
provide the services
Which of the following is considered and expense?
prepaid expense
cost of goods sold
sales
building cost of goods sold
,UTA Entrance Accounting Exam Questions And
Answers 100% Solved
The government agency with legal authority over financial reporting of U.S. public companies is
called securities exchange commission (SEC)
FASB has no legal authority
Which financial statement reports dividends paid to shareholders? statement of owners
equity
Dividends are not reported on the income statement, it is not an expense. They are netted into
retained earnings on the balance sheet.
assets typically include accounts receivable and equipment
What financial document is for the specific purpose of reporting cash flows? cash flow
statement
, UTA Entrance Accounting Exam Questions And
Answers 100% Solved
Which statement provides information on goods and services provided to customers?
income statement
Providing goods and services to customers is revenues which is only on the income statement.
Liabilities are obligations resulting from past transactions
Prepaid expenses is an asset because the company owns it
the company has paid ahead and therefore has future benefit
a past transaction has occurred
Economic resources is the technical term for assets
An examination of accounting records to determine if the records and reports are in accordance
with generally accepted accounting standards is called an audit
