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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 instructions to indicate where items would appear on financial statements for a mobile app development company. Items include increased app sales, hiring new developers, decreased sales due to a rival app, paying a law firm retainer, selling old computers for cash, taking out a loan for monitors, and accepting cash for licensing app characters. The summary is to indicate the appropriate sections of the income statement, balance sheet, and cash flow statement for each item in 1-3 sentences or less.

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    EC314AccountingQuiz-Q1-043012

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    The document provides a quiz with instructions to indicate where items would appear on financial statements for a mobile app development company. Items include increased app sales, hiring new developers, decreased sales due to a rival app, paying a law firm retainer, selling old computers for cash, taking out a loan for monitors, and accepting cash for licensing app characters. The summary is to indicate the appropriate sections of the income statement, balance sheet, and cash flow statement for each item in 1-3 sentences or less.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
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    32 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 instructions to indicate where items would appear on financial statements for a mobile app development company. Items include increased app sales, hiring new developers, decreased sales due to a rival app, paying a law firm retainer, selling old computers for cash, taking out a loan for monitors, and accepting cash for licensing app characters. The summary is to indicate the appropriate sections of the income statement, balance sheet, and cash flow statement for each item in 1-3 sentences or less.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 1

    Pass

    2 7

    3 8

    No Pass 5 6 Name: http://youtu.be/LY7PGHPqTNE

    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 CEO of a mobile app development company. 1. A VC firm funds your initial startup costs in exchange for a 20% stake in the company. 2. Your app is highlighted in the app store and your app sales soar. (no variable costs) 3. You hire new developers to start work on porting your app to other operating systems. 4. A rival company releases a copy of your app causing sales to fall. (no variable costs) 5. You hire a law firm and give them a cash retainer, to prepare to sue your new rival. 6. You sell your old computers for cash. 7. You take out a loan to pay for new computer monitors. 8. A toy company offers you 1 million dollars in cash to turn the characters from your app into action figures and you accept.

    New Revenue Asset Definitions

    Balance Sheet MUST balance!

    Sign Conventions

    Cash Flow Echo

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