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Name: http://www.youtube.com/user/MrWoodsjam#p/u/9/jeGbmrQ62c0

Quiz 1 - Accounting
Instructions: Write the number of each item in the appropriate section(s) of the appropriate financial statements below and indicate whether it is an increase or decrease. Income Statement Operating Revenue: Balance Sheet Assets: Cash Flow Operations:

Liabilities: Operating Expenses:

Investment:

Finance: Taxable Income: Owner Equity:

Net Income:

Net Cash Flow:

You have a business that does heating equipment installation 1. A delivery of new ductless heat pumps is made, along with an invoice for you to pay. 2. You decide to give your employees a raise. 3. You make a payment on a loan your company took out last year. (zero interest expense) 4. A customer pays his $1,500 bill for work you completed. 5. You sell some old equipment. 6. You buy a new flatbed truck for the company with cash. 7. The manufacturer of your most popular furnace brand raises its prices, so you pass the whole increase on to your customers. 8. You borrow $1,000 of cash for personal use from the business.

New Revenue Asset Definitions

Balance Sheet MUST balance!

Sign Conventions

Cash Flow Echo