Scribd Logo
Upload

Welcome to Scribd!

  • Key Eq 104 Fall 2012

    Uploaded by

    Jamie Woods
    73 views1 page
    This document provides an accounting quiz with instructions to categorize 8 events in the financial statements of an artisan jeweler. 1) A loan is taken out for start-up costs, increasing assets and liabilities. 2) An assistant is hired, increasing operating expenses. 3) Cash reserves are spent on supplies, decreasing assets. 4) Raising prices does not affect sales, having no impact.

    Original Description:

    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
    This document provides an accounting quiz with instructions to categorize 8 events in the financial statements of an artisan jeweler. 1) A loan is taken out for start-up costs, increasing assets and liabilities. 2) An assistant is hired, increasing operating expenses. 3) Cash reserves are spent on supplies, decreasing assets. 4) Raising prices does not affect sales, having no impact.

    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

    Key Eq 104 Fall 2012

    Uploaded by

    Jamie Woods
    This document provides an accounting quiz with instructions to categorize 8 events in the financial statements of an artisan jeweler. 1) A loan is taken out for start-up costs, increasing assets and liabilities. 2) An assistant is hired, increasing operating expenses. 3) Cash reserves are spent on supplies, decreasing assets. 4) Raising prices does not affect sales, having no impact.

    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: 4 up 1 up, 3 up and down, 7 2 down, 4 up, 6 up down, 8 up Investment: 3 down, 8 down Operating Expenses: 2 up, 6 up Liabilities: 1 up, 7 down, 8 up Finance: 1 up, 7 down, 8 up Taxable Income: Owner Equity: Net Cash Flow:

    Net Income:

    You are an artisan jeweler. 1. You need money for a stall at the Saturday Market so you take out a loan for start-up costs. 2 You hire an assistant to pick up your dry cleaning and frappucinos. 3 You spend money out of your cash reserves on tables, chairs and a new tapestry for the stall. 4 You decide to raise your bracelet prices and notice no change in sales volume as a result of the increase. 5 Thieves steal fifteen necklaces. You were not insured. (Tricky. We will allow a few answers on this) 6 You purchase an advertisement in The Willamette Week. 7 You make a payment on your loan. 8 A bead order shows up with an invoice, payable at the end of the month.

    New Revenue Asset Definitions

    Balance Sheet MUST balance!

    Sign Conventions

    Cash Flow Echo

    You might also like