ACCOUNTING MULTIPLE CHOICE QUESTIONS Module 1 1. Which financial statement displays the revenues and expenses of a company for a period of time? a) Income statement b) Balance sheet c) Cash flow statement d) Statement of stock holders' equity 2. What is the main purpose of financial accounting? a) Organise financial information b) Provide useful financial information to outsiders c) Keep track of company expenses d) Minimise company taxes 3. The long term assets that have no physical existence but are rights that have value is known as a) Current assets b) Fixed Assets c) Intangible Assets d) Investments 4. Which of these is not included as a separate item in the basic accounting equation? a) Asset b) Revenues c) Liabilities d) Stock holder's equity