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Statement of financial position

* Highlight the Correct options1Marks: 10Statement of financial position (commonly referred to as)abcd2Balance SheetIncome StatementStatement of Cash FlowsStatement of Owners’ EquityA financial Statement that describes where the enterprise stands at a specific date is.abcdBalance SheetIncome StatementStatement of Cash FlowsStatement of Owner’s Equity3 Income statement is an activity statement that depicts the revenues and expenses for adesignated period of timeabcdBalance SheetIncome StatementStatement of Cash FlowsStatement of Owner’s Equity4 A statement particularly important in understanding an enterprise for purpose ofinvestment and credit decisions isabcdBalance SheetIncome StatementStatement of Cash FlowsStatement of Owner’s Equity5Which of the following is not a user of internal accounting information?abcdStore Get research paper samples and course-specific study resources under   homework for you course hero writing service – Manage rChief executive officerCreditorChief financial officer6 Purpose of an accounting system includes all of the following accept:abInterpret and record the effects of business transactionsClassify the effects of transactions to facilitate the preparation of reportsc Summarize and communicate information to decision makersd Dictate the specific types of business transactions that the enterprise may engage in7 What information would you find in a statement of cash flows that you would not beable to get from other two primary financial statements?abcd8Cash provided by or used in financing activitiesCash balance at the end of the periodTotal liabilities due to creditors at the end of the periodNet IncomeA transaction caused a $.15, 000 decreases in both total assets and total liabilities. Thistransaction could have been:abcd9abcdPurchase of a delivery truck for $.15, 000 cash.An asset with a cost of $.15, 000 was destroyed by fire.Repayment of a $.15, 000 bank loan.Collection of a $.15, 000 account receivable.According to the rules of debit and credit for balance sheet accounts :Increase in asset, liability, and owners’ equity accounts are recorded by debits.Decrease in asset and liability accounts are recorded by credits.Increase in asset and owner’s equity accounts are recorded by debitsDecrease in liability and owners’ equity accounts are recorded by debits.10 Indicate all correct answers .DividendsabcdDecrease owners’ equity, & are recorded by debiting the dividend accountDecrease net incomeAre a business accountAll of the given options

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