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

Operating Expenses: 4 up, 7 up

Net Cash Flow:

You and your sister just inherited your family's professional pumpkin carving business. 1. You use cash to purchase a portable storage unit for finished pumpkins. 2. Many of the business customers were friends of your parents. Sales fall by 10%. 3. You order specialized scoops from ScoopsRUs.com with the business credit card. 4. You hire your nephew to clean out pumpkins. 5. You take out a loan and use it to purchase a trailer to tow behind your truck.. 6. You receive a box of googly eyes with an invoice due in 30 days. 7. The price of pumpkins increases. 8. Your sister wants to raise alpaca in Peru. She cashes out her share of the business.

New Revenue Asset Definitions

Balance Sheet MUST balance!

Sign Conventions

Cash Flow Echo