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  • Quiz 1 - Accounting: Instructions: Write The Number of Each Item in The Appropriate Section(s) of The Appropriate

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    Jamie Woods
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    The document provides a quiz with 8 items related to a sticker business and asks the student to indicate which financial statement items belong to and whether they are an increase or decrease. The items include taking out a loan, theft of equipment, receiving supplies on credit, loan payment, price decrease increasing sales, purchasing equipment with cash, renting additional space, and buying out a partner with cash. The student must assign the items to the appropriate sections of the income statement, balance sheet, and statement of cash flows.

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    EC314AccountingQuiz-Q1-042312

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    The document provides a quiz with 8 items related to a sticker business and asks the student to indicate which financial statement items belong to and whether they are an increase or decrease. The items include taking out a loan, theft of equipment, receiving supplies on credit, loan payment, price decrease increasing sales, purchasing equipment with cash, renting additional space, and buying out a partner with cash. The student must assign the items to the appropriate sections of the income statement, balance sheet, and statement of cash flows.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    43 views1 page

    Quiz 1 - Accounting: Instructions: Write The Number of Each Item in The Appropriate Section(s) of The Appropriate

    Uploaded by

    Jamie Woods
    The document provides a quiz with 8 items related to a sticker business and asks the student to indicate which financial statement items belong to and whether they are an increase or decrease. The items include taking out a loan, theft of equipment, receiving supplies on credit, loan payment, price decrease increasing sales, purchasing equipment with cash, renting additional space, and buying out a partner with cash. The student must assign the items to the appropriate sections of the income statement, balance sheet, and statement of cash flows.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
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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:

    Investment: Liabilities: Operating Expenses:

    Finance: Taxable Income: Owner Equity:

    Net Cash Flow: Net Income:

    You are the owner of company that produces bumper stickers 1. You decide to take out a loan in order to have extra cash on hand (interest free) 2. During the night, someone breaks into your building and steals a $5,000 sticker printer! 3. An order of sticker paper arrives, which you pay for with a credit card 4. You make a payment on your loan (interest free) 5. You decrease the price of your stickers, and sales increase as a result. 6. You purchase a new sticker machine for $7,500 with cash. 7. You decide to expand your operation so you rent out the building next door to your current location. 8. You cash your partner out of the firm (pay him cash for his ownership share), making your company a sole proprietorship

    New Revenue Asset Definitions

    Balance Sheet MUST balance!

    Sign Conventions

    Cash Flow Echo

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