1) The document is a quiz summary for a student who scored 9.33 out of 10 on a quiz covering key concepts about income statements from Unit 3. 2) It provides instructions for the quiz, indicating it had 10 multiple choice questions, a time limit of 120 minutes, and was due on October 4th at 11:59pm. 3) The summary highlights some of the key concepts covered in the quiz, including the definitions of terms like EBITDA, depreciation, amortization, and examples of income and expense categories like cost of goods sold, operating expenses, and sales.

1. 9/26/21, 4:45 PM Unit 3 - Quiz: LSAL-5223-100
https://canvas.ou.edu/courses/216060/quizzes/273066 1/7
Unit 3 - Quiz
Due
Oct 4 at 11:59pm
Points
10
Questions
10
Available
Aug 23 at 12am - Dec 17 at 11:59pm
4 months
Time Limit
120 Minutes
Instructions
Attempt History
Attempt Time Score
LATEST Attempt 1
13 minutes 9.33 out of 10
Score for this quiz:
9.33 out of 10
Submitted Sep 26 at 4:42pm
This attempt took 13 minutes.
Review all of the assigned readings and videos before taking the quiz.
Read each question carefully and select the best response based on the information presented in
this unit.
You are allowed 1 attempt and have 2 hours to complete the quiz.
See the Syllabus or Calendar for a list of assignment due dates.
1
/ 1 pts
Question 1
Which of the following are income statement-related practices that
should be AVOIDED? (Check all that apply)
Recording sales too soon, before a transaction is complete
Correct!
Correct!
See Siciliano, Chapter 4, p. 51.
Recording sales that align with GAAPs.
Recording sales too late, such as waiting until the next month or quarter
Correct!
Correct!
© 2021 Board of Regents-University of Oklahoma Extended Campus-College of Professional and Continuing
Studies

2. 9/26/21, 4:45 PM Unit 3 - Quiz: LSAL-5223-100
https://canvas.ou.edu/courses/216060/quizzes/273066 2/7
See Siciliano, Chapter 4, p. 51.
Recording sales that have not occurred yet, but are expected to happen
soon
Correct!
Correct!
See Siciliano, Chapter 4, p. 51.
1
/ 1 pts
Question 2
The sale of a building that is no longer being used is considered a
“sale.”
True
False
Correct!
Correct!
See Siciliano, Chapter 4, p. 55.
1
/ 1 pts
Question 3
The gradual decline in value of a tangible capital asset (e.g.,
building, machine, truck, etc.) is called:
Amortization
Liquidation
Diluted earnings
© 2021 Board of Regents-University of Oklahoma Extended Campus-College of Professional and Continuing
Studies

3. 9/26/21, 4:45 PM Unit 3 - Quiz: LSAL-5223-100
https://canvas.ou.edu/courses/216060/quizzes/273066 3/7
Depreciation
Correct!
Correct!
See Siciliano, Chapter 4, p. 56.
Cost of goods sold
1
/ 1 pts
Question 4
Which of the following are true about income statements? (Check all
that apply)
It is the report most nonfinancial managers readily recognize.
Correct!
Correct!
See Siciliano, Chapter 4, p. 51.
It shows whether a business made a profit in a particular time period.
Correct!
Correct!
See Siciliano, Chapter 4, p. 51.
It is the report most valued by CEOs, shareholders, bankers, and
government regulators
Correct!
Correct!
See Siciliano, Chapter 4, p. 51.
It records an organization’s financial health at a specific point in time.
It tallies the cumulative effect of all the income and expense transactions
that occurred during a given period.
Correct!
Correct!
See Siciliano, Chapter 4, p. 51.
© 2021 Board of Regents-University of Oklahoma Extended Campus-College of Professional and Continuing
Studies

4. 9/26/21, 4:45 PM Unit 3 - Quiz: LSAL-5223-100
https://canvas.ou.edu/courses/216060/quizzes/273066 4/7
0.67
/ 1 pts
Question 5
Which of the following are examples of operating expenses? (Check
all that apply)
Research and development expenses
Correct!
Correct!
See Siciliano, Chapter 4, p. 59.
Prepaid expenses
Sales and marketing expenses
Correct!
Correct!
See Siciliano, Chapter 4, p. 60.
General and administrative expenses
Correct!
Correct!
See Siciliano, Chapter 4, p. 60.
Cost of goods sold expenses
ou Answered
ou Answered
0.67
/ 1 pts
Question 6
Which of the following are examples of cost of sales? (Check all that
apply)
Raw materials
Correct!
Correct!
See Siciliano, Chapter 4, p. 55.
Manufacturing labor
Correct!
Correct!
© 2021 Board of Regents-University of Oklahoma Extended Campus-College of Professional and Continuing
Studies

5. 9/26/21, 4:45 PM Unit 3 - Quiz: LSAL-5223-100
https://canvas.ou.edu/courses/216060/quizzes/273066 5/7
See Siciliano, Chapter 4, p. 55.
Indirect costs related to making products
orrect Answer
orrect Answer
Sales and marketing costs
General and administrative costs
1
/ 1 pts
Question 7
What does EBITDA stand for?
Earnings before income taxes, depreciation, and amortization
Expenses before interest, taxes, depreciation, and amortization
Earnings before interest, taxes, depreciation, and amortization
Correct!
Correct!
See Siciliano, Chapter 4, p. 61.
Expenses before income taxes, deductions, and amortization
Earnings before investment, taxes, deductions, and amortization
1
/ 1 pts
Question 8
The gradual decline in value of an intangible asset with a multiyear
life (e.g., patent, license, use of someone else’s intellectual property,
etc.).
Amortization
Correct!
Correct!
© 2021 Board of Regents-University of Oklahoma Extended Campus-College of Professional and Continuing
Studies

6. 9/26/21, 4:45 PM Unit 3 - Quiz: LSAL-5223-100
https://canvas.ou.edu/courses/216060/quizzes/273066 6/7
See Siciliano, Chapter 4, p. 56.
Liquidation
Diluted earnings
Depreciation
Cost of goods sold
1
/ 1 pts
Question 9
According to Siciliano, a company’s “real bottom line” is:
Gross profit
Net profit
Retained earnings
Net income
Correct!
Correct!
See Siciliano, Chapter 4, p. 63.
Earnings per share
1
/ 1 pts
Question 10
According to Siciliano, which of the following are the key numbers
on an income statement: (Check all that apply)
© 2021 Board of Regents-University of Oklahoma Extended Campus-College of Professional and Continuing
Studies

7. 9/26/21, 4:45 PM Unit 3 - Quiz: LSAL-5223-100
https://canvas.ou.edu/courses/216060/quizzes/273066 7/7
Cost of goods sold
Sales
Correct!
Correct!
See Siciliano, Chapter 4, p. 66.
Gross profit
Correct!
Correct!
See Siciliano, Chapter 4, p. 66.
Operating income (or EBIDA)
Correct!
Correct!
See Siciliano, Chapter 4, p. 66.
Income taxes
Net income
Correct!
Correct!
See Siciliano, Chapter 4, p. 66.
Quiz Score:
9.33 out of 10
© 2021 Board of Regents-University of Oklahoma Extended Campus-College of Professional and Continuing
Studies