Choose the Correct answer for the following Questions/5 marks each each/ 1.Statement of Cash flows reports A. Revenues Expenses Gains and Losses B. The changes in cash and cash Equivalents during a Specific period of time according to Three activities Operating Investing and Financing C. it reports the amounts of assets liabilities and stockholder's Equity at a specific moment D. None of the above 2. Financial Reporting includes A. Financial statements B. Annual and Quarterly reports C. Press release and other financial reports D. all of the above 3. An income statement reports A.a company.s net income for a specific period of time. B. Costs incurred to earn revenues C. Elimination if an obligation for loss than its carrying value D. None of the above 4. Generally Accepted Accounting principles are referred to

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Choose the Correct answer for the following Questions/5 marks each each/ 1.Statement of Cash flows reports A. Revenues Expenses Gains and Losses B. The changes in cash and cash Equivalents during a Specific period of time according to Three activities Operating Investing and Financing C. it reports the amounts of assets liabilities and stockholder's Equity at a specific moment D. None of the above 2. Financial Reporting includes A. Financial statements B. Annual and Quarterly reports C. Press release and other financial reports D. all of the above 3. An income statement reports A.a company.s net income for a specific period of time. B. Costs incurred to earn revenues C. Elimination if an obligation for loss than its carrying value D. None of the above 4. Generally Accepted Accounting principles are referred to

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1. Statement of Cash Flows reports: - **Correct Answer: B. The changes in cash and cash equivalents during a specific period of time according to three activities: Operating, Investing, and Financing.** - Explanation: The statement of cash flows is a financial statement that provides a summary of the cash inflows and outflows of a company over a specific period. It is categorized into three sections: activities, and financing activities. This statement helps stakeholders understand how the company generates and uses cash. 2. Financial Reporting includes: - **Correct Answer: D. All of the above.** - Explanation: Financial reporting encompasses various forms of communication that provide information about a company's financial performance and position. This includes financial statements (such as the balance sheet, income statement, and cash flow statement), annual and quarterly reports, and press releases or other financial reports. These documents are essential for stakeholders to make informed decisions. 3. An income statement reports: - **Correct Answer: A. A company's net income for a specific period of time.** - Explanation: The income statement, also known as the profit and loss statement, provides a summary of a company's revenues, expenses, and profits or losses over a specific period. It calculates the net income by subtracting total expenses from total revenues, offering insights into the company's profitability. 4. Generally Accepted Accounting Principles are referred to: - **Correct Answer: A. As a set of accounting standards and practices.** - Explanation: Generally Accepted Accounting Principles (GAAP) are a set of accounting standards and practices that are widely accepted and used in the accounting profession. These principles provide guidelines for financial reporting, ensuring consistency, reliability, and comparability of financial information across different organizations.

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