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  • Quiz 1 - Accounting #1: 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 instructions for a quiz on accounting. Students are asked to identify which items from a list of company transactions should be recorded in various sections of the income statement, balance sheet, and statement of cash flows, and whether each item represents an increase or decrease. Transactions include hiring employees, taking out loans, an increase in sales from an energy tax credit, accepting an investment from a new partner, paying off a loan, selling a truck, purchasing a new truck, and raising prices.

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    The document provides instructions for a quiz on accounting. Students are asked to identify which items from a list of company transactions should be recorded in various sections of the income statement, balance sheet, and statement of cash flows, and whether each item represents an increase or decrease. Transactions include hiring employees, taking out loans, an increase in sales from an energy tax credit, accepting an investment from a new partner, paying off a loan, selling a truck, purchasing a new truck, and raising prices.

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    94 views1 page

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

    Uploaded by

    Jamie Woods
    The document provides instructions for a quiz on accounting. Students are asked to identify which items from a list of company transactions should be recorded in various sections of the income statement, balance sheet, and statement of cash flows, and whether each item represents an increase or decrease. Transactions include hiring employees, taking out loans, an increase in sales from an energy tax credit, accepting an investment from a new partner, paying off a loan, selling a truck, purchasing a new truck, and raising prices.

    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 #1
    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: 3 up, 8 up Balance Sheet Assets: 2 up, 4 up, 5 down, 6 up or down, 7 up Cash Flow Operations: 1 down, 3 down, 8 up

    Operating Expenses: 1 up, 3 up

    Liabilities: 2 up, 5 up, 7 up

    Investment: 6 up, 7 down

    Taxable Income: Owner Equity: 4 up Net Income:

    Finance: 2 up, 4 up, 5 down 7 down

    Net Cash Flow: You are the owner of a company that installs HVAC equipment (heating, ventilation, and A/C) in single-family and multifamily residences. 1. You hire two new employees to help with the upcoming heating season. 2. You take out a loan to improve your cash on hand (zero interest) 3. The State of Oregon reinstates the Energy Tax Credit for efficient heating equipment, and sales of furnaces and heat pumps increases for you as a result! 4. An old friend offers to buy in as partner for $50,000, and you accept. 5. You make a payment on your loan (no interest expense) 6. You decide to sell and older company truck for $3,000 cash 7. You purchase a new company truck for $10,000 and take out a loan for the truck. 8. You raise your prices, but sales remain constant.

    New Revenue Asset Definitions

    Balance Sheet MUST balance!

    Sign Conventions

    Cash Flow Echo

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