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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: 1 up, 8 up 3 up and down, 4 down, 1 up, 2 down, 5 up, 8 up 6 up, 7 up Investment: 3 down, 6 down Operating Expenses: 2 up, 5 down, 8 up Liabilities: 4 down, 6 up Finance: 4 down, 6 up, 7 up Taxable Income: Owner Equity: 7 up Net Income: Net Cash Flow:

You offer City Tours on a large purple bus. 1. A quirky new web series features your series and you are now able to fill each tour. 2. Gas prices rise. 3. You purchase a boombox to play tunes while you drive from place to place. 4. You make a large payment to cover the remaining balance on the loan you had taken out to purchase your bus. 5. One of your regular drivers quits to go to graduate school. You decide to cover her routes yourself. 6. A box of replacement seat cushions arrives with an invoice, payable in 30 days. 7. Your old driver hates graduate school and offers you the $75,000 she would have spent in tuition to buy into the business. 8. Since you have been turning people away due to full buses, you decide to increase the number of trips you make each day (Tricky) New Revenue Asset Definitions Balance Sheet MUST balance! Sign Conventions Cash Flow Echo

Pass No Pass 5

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2 7

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New Revenue Asset Definitions

Balance Sheet MUST balance!

Sign Conventions

Cash Flow Echo