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Internal Controls in Accounting: Definition, Types & ExamplesNext Lesson 

Typical Problems with Financial Information

Chapter 5 /  Lesson 1   Transcript
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question 1 of 3

The information found on the financial statements of a company that tells how good or bad a company is performing is called _____.

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Worksheet
Typical Problems with Financial Information Worksheet

1. A company's financial statements include an income statement, a statement of retained earnings, a statement of cash flows and a _____.

2. Ben, a company accountant, accidentally reported $5300 of earnings as $3500 on a company financial statement. Ben's mistake is an example of _____.

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About This Quiz & Worksheet

About This Quiz & Worksheet

This quiz/worksheet combo helps you assess your understanding of financial information and problems that can arise with this kind of data.

Quiz & Worksheet Goals

Use this quiz and the accompanying worksheet to review the following topics from the lesson:

  • Disagreements in Judgement
  • Financial information
  • Problems with financial information
  • Fraudulent financial reporting
  • Types of financial statements

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related financial lesson
  • Information recall - access the knowledge you have gained regarding common problems with financial information
  • Interpreting information - verify that you can read information regarding fraudulent financial reporting and interpret it correctly

Additional Learning

To learn more about financial information, review the corresponding lesson titled Typical Problems with Financial Information. This lesson will help you:

  • Define financial information
  • Examine the purpose of financial statements
  • Determine how reporting errors can occur
  • Learn what Disagreements in Judgement are
You are viewing lesson Lesson 1 in chapter 5 of the course:

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Accounting 101: Financial Accounting

14 chapters | 138 lessons | 13 flashcard sets

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Ch 5. Internal Controls in Accounting
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