Scribd Logo
Upload

Welcome to Scribd!

  • Quiz 1 - Accounting

    Uploaded by

    Jamie Woods
    78 views1 page
    The document provides an accounting quiz with instructions to indicate where 8 items would be recorded on the income statement, balance sheet, and statement of cash flows based on whether they represent an increase or decrease. It describes a small commercial kitchen business that rents space to other businesses. The items include gas bills, client payments, an invoice sent, refilling propane tanks, expanding refrigerators with cash on hand, donating kitchen space, repairing a water leak, and writing a personal check to the business.

    Original Description:

    Original Title

    Q101Fall2011

    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
    The document provides an accounting quiz with instructions to indicate where 8 items would be recorded on the income statement, balance sheet, and statement of cash flows based on whether they represent an increase or decrease. It describes a small commercial kitchen business that rents space to other businesses. The items include gas bills, client payments, an invoice sent, refilling propane tanks, expanding refrigerators with cash on hand, donating kitchen space, repairing a water leak, and writing a personal check to the business.

    Copyright:

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

    Quiz 1 - Accounting

    Uploaded by

    Jamie Woods
    The document provides an accounting quiz with instructions to indicate where 8 items would be recorded on the income statement, balance sheet, and statement of cash flows based on whether they represent an increase or decrease. It describes a small commercial kitchen business that rents space to other businesses. The items include gas bills, client payments, an invoice sent, refilling propane tanks, expanding refrigerators with cash on hand, donating kitchen space, repairing a water leak, and writing a personal check to the business.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Pass No Pass 5

    1 6

    2 7

    3 8

    Name: http://youtu.be/2v2XwFqVmUA

    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 Operating Revenue: Balance Sheet Assets: Cash Flow Operations:

    Investment: Operating Expenses: Liabilities:

    Finance: Taxable Income: Owner Equity: Net Cash Flow Net Income: You own a small commercial kitchen and rent space to others that dont have space or want to try out new menus with limited seating 1. The gas bill came in. Customers have been cranking the stoves this month. 2. All of tonights clients paid for the space they rented. It is best to collect cash that night. 3. There is one client you have to bill once a month, they are canning for markets. You just sent out the invoice. 4. You need to refill the propane tanks and the liquid nitrogen tank. 5. It is time to expand the refrigerator. Lucky you can do it with cash on hand. 6. You donate the kitchen space to some non-profit groups raising money for breast cancer. 7. There was a small leak in a water pipe. You pay to have it repaired. 8. The business is a little short on cash this month so you write a personal check to the business.

    New Revenue Asset Definitions

    Balance Sheet MUST balance! Sign Conventions

    Cash Flow Echo

    You might also like