Pass

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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 Balance Sheet Cash Flow Operating Revenue: Assets: Operations:

Operating Expenses:

Liabilities:

Investment:

Taxable Income: Owner Equity:

Finance:

Net Income:

Net Cash Flow:

You just started an apparel company 1. You hire three designers to start on the new line of Mens denim to be released in the Fall. 2. You buy two new sewing machines for making patterns 3. You take out a small loan to have extra cash on hand 4. A robbery costs you $15,000 in stolen materials and inventory 5. A new customer pays for his order of 1,200 units up front. You have 30 days to fill the order. 6. You make a payment on your loan 7. You sell some old equipment. 8. You borrow $500 from the business for personal use.

New Revenue Asset Definitions

Balance Sheet MUST balance!

Sign Conventions

Cash Flow Echo