Intuit Academy Examining Financial
Statements Questions And Correct Answers
(Verified Answers) | Graded A+ | New Update
2025-2026
Financial Statements - ANSWER A set of reports that show how a business is
performing financially and all business activities related to running the business.
Balance sheet - ANSWER A financial statement that reports a business's
assets, liabilities, and equity at a specific point in time.
Income statement - ANSWER Also called the profit and loss (P&L) statement, it
shows the business's revenues and expenses during a particular period.
Statements of cash flows - ANSWER Reports the sources and uses of cash by a
business.
Statement of equity - ANSWER Reports the changes in a business's equity,
from the opening balance to the end of the period balance.
Which area of an income statement can indicate a good marketing or sales
process but doesn't necessarily mean the business is profitable? - ANSWER
Revenue
Cash Inflow - ANSWER Activities that bring income to the business.
Statements Questions And Correct Answers
(Verified Answers) | Graded A+ | New Update
2025-2026
Financial Statements - ANSWER A set of reports that show how a business is
performing financially and all business activities related to running the business.
Balance sheet - ANSWER A financial statement that reports a business's
assets, liabilities, and equity at a specific point in time.
Income statement - ANSWER Also called the profit and loss (P&L) statement, it
shows the business's revenues and expenses during a particular period.
Statements of cash flows - ANSWER Reports the sources and uses of cash by a
business.
Statement of equity - ANSWER Reports the changes in a business's equity,
from the opening balance to the end of the period balance.
Which area of an income statement can indicate a good marketing or sales
process but doesn't necessarily mean the business is profitable? - ANSWER
Revenue
Cash Inflow - ANSWER Activities that bring income to the business.
