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    Key Eq 103 Fall 2012

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    Jamie Woods
    The document provides a quiz for a student to categorize various business transactions of a shoe shine stand owner into the appropriate sections of the income statement, balance sheet, and cash flow statement. The transactions include purchasing supplies and equipment, paying expenses, receiving a large tip, and taking out advertising. The student must indicate whether each item is an increase or decrease in the various financial statement sections.

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    Key Eq 103 Fall 2012

    Uploaded by

    Jamie Woods
    70 views1 page
    The document provides a quiz for a student to categorize various business transactions of a shoe shine stand owner into the appropriate sections of the income statement, balance sheet, and cash flow statement. The transactions include purchasing supplies and equipment, paying expenses, receiving a large tip, and taking out advertising. The student must indicate whether each item is an increase or decrease in the various financial statement sections.

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    The document provides a quiz for a student to categorize various business transactions of a shoe shine stand owner into the appropriate sections of the income statement, balance sheet, and cash flow statement. The transactions include purchasing supplies and equipment, paying expenses, receiving a large tip, and taking out advertising. The student must indicate whether each item is an increase or decrease in the various financial statement sections.

    Copyright:

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

    Key Eq 103 Fall 2012

    Uploaded by

    Jamie Woods
    The document provides a quiz for a student to categorize various business transactions of a shoe shine stand owner into the appropriate sections of the income statement, balance sheet, and cash flow statement. The transactions include purchasing supplies and equipment, paying expenses, receiving a large tip, and taking out advertising. The student must indicate whether each item is an increase or decrease in the various financial statement sections.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
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    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: 6 up, 7 up 1 up, 3 up, 5 up and 2 down, 4 down, 6 up, 7 down, 8 down up

    Operating Expenses: 2 up, 4 up

    Liabilities: 1 up, 8 down

    Investment: 1 down, 3 down, 5 down

    Finance: 1 up, 3 up, 8 down Taxable Income: Owner Equity: 3 up Net Cash Flow: Net Income:

    You run a shoe shine stand at the airport. 1. You purchase a chair and a new sign with your business credit card. 2. You pay your quarterly space rental. 3. You contribute funds from your personal savings to purchase three new chairs. 4. You take out an ad in Skymall which comes out next month. 5. You replenish your polish, whiskey, and cigar supplies. 6. You see an increase in shoe shines due to your Skymall advert. 7. You receive a $1,000,000 tip. 8. You pay off the business credit card.

    New Revenue Asset Definitions

    Balance Sheet MUST balance!

    Sign Conventions

    Cash Flow Echo

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