Battle Quiz for Layout of Financial Statements

dovidbdovidb
in Odomirok.8-9-IS

When being tested on where items are in the B/S or I/S do you think it would be better if we did not have the line number of each item that we are being tested on? This way I would have to actually know where each item belongs rather than quickly scanning each statement to see if line x matches with what is on the quiz?

Comments

  • zporirizporiri

    I could be wrong, but I don't think any past exam problem has asked you to identify which part of the BS or IS a line comes from, so I don't spend much time on that quiz. But yes, that is an easy way to "cheat" on that quiz is by looking at the line number to see where it matches up so that could be something worth removing.

  • grahamgraham

    You're right that no past exam questions have asked you to do this. The purpose of that quiz is to help familiarize you with the layout of the financial statements just as background knowledge.

    Note however that an exam question could provide you with financial statement information without telling you where it comes from. For example, they may give you a list of assets & liabilities and ask you to calculate equity (assets minus liabilities) but not tell you which are assets and which are liabilities.

    Regarding the line numbers, that was to help you at the beginning, but after you get good at that quiz, you should do it without referring to the financial statements. In any case, don't let that quiz slow you down too much. Just use your judgment on how much time to spend on it. If you're solving all the other numerical problems in that chapter correctly, you're in good shape.

Sign In or Register to comment.