Multiple Choice Answers

A voucher is the notification accompanying the check issued to a creditor that indicates the specific invoice being paid.

Which of the following is part of the four basic financial statements?
a. Income statement
b. Balance sheet
c. Statement of cash flows
d. All of the above

Accounting systems are based upon either the cash or accrual basis of accounting.

Paying expenses affects which financial statement elements?
a. Cash only
b. Stockholders’ equity only
c. Cash and stockholders’ equity
d. Cash and capital stock

Managers are evaluated primarily on the business’ __________.
a. Tax collections
b. Growth
c. Economic performance
d. All of the above