Pass No Pass

1 5

2 6

3 7

4 8

Name: http://www.youtube.com/user/MrWoodsjam#p/u/9/jeGbmrQ62c0

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:

Operating Expenses:

Liabilities:

Investment:

Taxable Income: Owner Equity:

Finance:

Net Income:

Net Cash Flow:

You own a magazine that showcases local artists and musicians. 1. You take out a loan to have extra cash on hand. 2. An old friend approaches you about becoming a partner in the business for $40,000. You accept his offer. 3. You pay for radio advertisements with the company credit card to promote an upcoming event. 4. You add three new part-time journalists and one photographer to the magazine staff. 5. You make a payment on your loan. 6. You raise your subscription prices. 7. Upset customers cancel their subscriptions due to the price increase. 8. You buy a some new computers and a TV for the office.

New Revenue Asset Definitions

Balance Sheet MUST balance!

Sign Conventions

Cash Flow Echo