Short Answer Questions
1.Which financial statement would you review to determine the amount of cash a company received from an issue of capital stock during the year?
2.Which financial statement would you review to determine a company’s interest expense?
3.What independent party attests that the balance sheet and income statement present fairly the financial position of the company?
4.Identify the financial statement in which revenues less expenses are reported.
5.What financial statement communicates profits retained and distributions to shareholders?
6.What financial statement communicates cash flows from operating activities?
7.What financial statement lists and measures assets, liabilities, and shareholders’ equity at a certain date?
8.What financial statement shows where the money came from and where it went?
9.Identify which financial statement you would review to determine the amount of cash a company paid to retire its debt.
10.Which source would you review to determine that the financial statements are fairly stated in accordance with GAAP?