CFA 2026 Level I Financial Statement Analysis Income Statement Free Quiz 1

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CFA 2026 Level I Financial Statement Analysis Income Statement Free Quiz 1

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CFA 2026 Level I Financial Statement Analysis Income Statement Free Quiz 1

Practice CFA 2026 Level I Financial Statement Analysis MCQs from Income Statement. Get instant results with Explanation.

General10 MCQs

1. When is revenue generally recognized under accrual accounting?

A. When it is earned, regardless of cash receipt.B. When cash is received.C. When the customer orders the product.D. When the product is delivered.

2. When are expenses generally recognized under accrual accounting?

A. When cash is paid.B. When they are incurred, regardless of cash payment.C. When the invoice is received.D. When the goods are ordered.

3. What is gross profit?

A. Net Revenue - Operating ExpensesB. Net Revenue - SG&AC. Net Revenue - COGSD. Operating Income - Interest Expense

4. What is operating income?

A. Gross ProfitB. Gross Profit - COGSC. Gross Profit - InterestD. Gross Profit - Operating Expenses

5. What is the bottom line of the income statement?

A. Net incomeB. Gross profitC. Operating incomeD. EBITDA

General10 MCQs

6. What does EBITDA stand for?

A. Earnings Before Interest, Taxes, Depreciation, and Amortization.B. Earnings Before Interest, Taxes, Depreciation, and Amortization.C. Earnings Before Interest, Taxes, and Depreciation.D. Earnings Before Income Tax, Depreciation, and Amortization.

7. What is the formula for basic earnings per share (EPS)?

A. Net Income / Total Shares OutstandingB. Net Income / Weighted Average SharesC. Net Income available to common shareholders / Weighted Average SharesD. Operating Income / Weighted Average Shares

8. Which income statement format separates operating from non-operating items?

A. Single-step income statementB. Classified balance sheetC. Statement of comprehensive incomeD. Multiple-step income statement

9. What accounting principle requires expenses to be matched with revenues?

A. Matching principleB. Revenue recognition principleC. Periodicity assumptionD. Going concern assumption

10. What is comprehensive income?

A. Net income onlyB. Net income + Other comprehensive incomeC. Other comprehensive income onlyD. Net income + Dividends

📋 CFA - Test Online Practice Quizzes

CFA

Conducting Body: CFA Institute

Frequency: 4 times a year (February, May, August, November) | Time: 135 Minutes

Negative Marking: No

⚡ Test Pattern (Total: 90 MCQs):

Alternative Investments: 8 MCQs
Corporate Issuers: 7 MCQs
Derivatives: 5 MCQs
Economics: 7 MCQs
Equity Investments: 12 MCQs
Ethics: 16 MCQs
Financial Statement Analysis: 11 MCQs
Fixed Income: 11 MCQs
Portfolio Management: 9 MCQs
Quant Methods: 6 MCQs

Merit Formula: -

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