Please answer the following 5 multiple choice questions: 1. Which part of an annual report is audited by external auditors (an outside CPA firm)?

The Chairman of the Boards letter to the stockholders

Management Discussion and Analysis section

The financial statements

All of the above

2. In which section of an annual report would you find explanations and details to support the numbers in the financial statements?

Management Discussion and Analysis section Notes to the financial statements Auditors Report Chairman of the Boards letter to the stockholders

3.

Which financial statement includes sections related to Operating Activities, Investing Activities, and Financing Activities?

Income Statement Retained Earnings Statement Balance Sheet Statement of Cash Flows

4.

What is the difference between a trial balance and a balance sheet? They are the same thing A trial balance shows A = L + SE, while a balance sheet shows Dr = Cr A trial balance shows Dr = Cr, while a balance sheet shows A = L + SE

A trial balance shows Rev Exp = Net income, while a balance sheet shows A = L + SE

5.

In which financial statements will you find the Retained Earnings account? Income Statement and Retained Earnings Statement Retained Earnings Statement and Balance Sheet

Income Statement and Balance Sheet

Balance Sheet and Statement of Cash Flows

Thank you!