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  • Quiz 1 - Accounting #10: 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 question to categorize various business transactions into the appropriate sections of financial statements. It lists 8 transactions involving starting a new restaurant and indicates whether each item increases, decreases, or both increases and decreases an account. The summary is to analyze the transactions and populate the relevant sections of the income statement, balance sheet, and statement of cash flows.

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    EC314Q110

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    The document provides instructions for a quiz question to categorize various business transactions into the appropriate sections of financial statements. It lists 8 transactions involving starting a new restaurant and indicates whether each item increases, decreases, or both increases and decreases an account. The summary is to analyze the transactions and populate the relevant 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
    73 views1 page

    Quiz 1 - Accounting #10: 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 question to categorize various business transactions into the appropriate sections of financial statements. It lists 8 transactions involving starting a new restaurant and indicates whether each item increases, decreases, or both increases and decreases an account. The summary is to analyze the transactions and populate the relevant 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
    of 1

    Pass No Pass Name: 5

    1 6

    2 7

    3 8

    Quiz 1 - Accounting #10


    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: 4 up, 6 up Balance Sheet Assets: 1 up, 3 up and down, 5 up and down, 7 down, 8 up Cash Flow Operations: 2 down, 4 up, 6 up, 7 down (optional)

    Operating Expenses: 2 up, 6 up, 7 up (optional)

    Liabilities: 1 up, 7 down, 8 up

    Investment: 3 down, 5 down, 8 down

    Taxable Income: Owner Equity: Net Income: 6 up

    Finance: 1 up, 7 down, 8 down

    Net Cash Flow:

    1. You decide to open a new restaurant in SE Portland so you take out a loan for start-up costs. 2. You hire three part-time bartenders and a bouncer onto your staff. 3. You spend money out of your cash reserves on tables chairs and new light fixtures for the restaurant,which everyone agrees is a necessary business investment. 4. You decide to raise your drink prices and notice no change in sales volume as a result of the increase. 5. You buy $800 worth of glassware. 6. You use cash to purchase some advertisements in local newspapers. The ads do well and customers start pouring in. 7. You make a payment on your loan. 8. A food order shows up with an invoice

    New Revenue Asset Definitions

    Balance Sheet MUST balance!

    Sign Conventions

    Cash Flow Echo

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