Scribd Logo
Upload

Welcome to Scribd!

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

    Uploaded by

    Jamie Woods
    29 views1 page
    The document provides information about a quiz on accounting concepts related to financial statements. It describes transactions undertaken by the fictional ABC mobile company, including laying off employees, purchasing mobile spectrum with stock, releasing a new phone that increased sales, upgrading network hardware with cash, paying off a loan, selling old inventory for cash, spending on employee training due to complaints, and raising prices without losing customers. Students are asked to indicate where each transaction would be recorded on the income statement, balance sheet, and statement of cash flows.

    Original Description:

    Original Title

    KeytoEC314AccountingQuiz-Q1-05-08-12

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The document provides information about a quiz on accounting concepts related to financial statements. It describes transactions undertaken by the fictional ABC mobile company, including laying off employees, purchasing mobile spectrum with stock, releasing a new phone that increased sales, upgrading network hardware with cash, paying off a loan, selling old inventory for cash, spending on employee training due to complaints, and raising prices without losing customers. Students are asked to indicate where each transaction would be recorded on 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
    29 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 information about a quiz on accounting concepts related to financial statements. It describes transactions undertaken by the fictional ABC mobile company, including laying off employees, purchasing mobile spectrum with stock, releasing a new phone that increased sales, upgrading network hardware with cash, paying off a loan, selling old inventory for cash, spending on employee training due to complaints, and raising prices without losing customers. Students are asked to indicate where each transaction would be recorded on 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
    of 1

    Pass No Pass Name: 5

    1 6

    2 7

    3 8

    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: 3 Up, 8 Up 2 Up, 4 Up and Down, 5 1 Up, 3 Up/Down, 7 Down Down, 8 Up

    Operating Expenses: 1 Down, 3 Up, 7 Up

    Liabilities: 5 Down

    Investment: 2 Down, 4 Down

    Taxable Income: Owner Equity: 2 Up

    Finance: 2 Up, 5 Down

    Net Cash Flow: Net Income: 1 Up, 3 Up/Down, 7 Down

    You are the CEO of ABC mobile company in the U.S. 1. You lay off 1,000 employees due to restructuring. 2. You purchase rights mobile spectrum from another mobile operator with one million shares of stock. 3. The new iphone is released exclusively for ABC mobile, causing sales to skyrocket. 4. To support the new customers you purchase network hardware upgrades using cash reserves. 5. You make a payment on a old loan. (no interest) 6. You sell old cell phone inventory to a developing nation in exchange for cash. 7. Poor customer service complaints lead you to spend cash on a new employee training program. 8. Higher customer data usage leads you to change your pricing structure which increases customer prices on average without losing any sales or contracts.

    New Revenue Asset Definitions

    Balance Sheet MUST balance!

    Sign Conventions

    Cash Flow Echo

    You might also like