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Question 2 Financial reports from publicly traded companies must be prepared according to the Generally Accepted Accounting Principles (GAAP). Title False
Question 4 The general rule according to GAAP for recognizing revenue is: Record revenue when a product or service is delivered Record revenue for an annual subscription all at once. Record revenue when you receive cash from a customer but have not sold them anything.
Question 5 The cash flow statement shows changes in three areas operating, investing, and financing. True © False
Question 6 The best place to obtain audited financial information for a publicly traded company is through: O Yahoo Finance Company Website SEC.gov
D Question 7 The Balance Sheet represents a specific moment in time. True O False
Question 8 If you created your own personal balance sheet, the bottom line is referred to as Net Worth. True False
Question 9 If you book a flight today for a trip in December, the airline can recognize that revenue immediately. True False
Question 10 Some personal assets can include: House Jewelry Mortgage Cash in the Bank