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Accounting Quiz: Financial Statement Analysis

The document provides a quiz for a student to categorize various business transactions of a shoe shine stand owner into the appropriate sections of the income statement, balance sheet, and cash flow statement. The transactions include purchasing supplies and equipment, paying expenses, receiving a large tip, and taking out advertising. The student must indicate whether each item is an increase or decrease in the various financial statement sections.

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Jamie Woods
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93 views1 page

Accounting Quiz: Financial Statement Analysis

The document provides a quiz for a student to categorize various business transactions of a shoe shine stand owner into the appropriate sections of the income statement, balance sheet, and cash flow statement. The transactions include purchasing supplies and equipment, paying expenses, receiving a large tip, and taking out advertising. The student must indicate whether each item is an increase or decrease in the various financial statement sections.

Uploaded by

Jamie Woods
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Pass No Pass Name: 5

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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: 6 up, 7 up 1 up, 3 up, 5 up and 2 down, 4 down, 6 up, 7 down, 8 down up

Operating Expenses: 2 up, 4 up

Liabilities: 1 up, 8 down

Investment: 1 down, 3 down, 5 down

Finance: 1 up, 3 up, 8 down Taxable Income: Owner Equity: 3 up Net Cash Flow: Net Income:

You run a shoe shine stand at the airport. 1. You purchase a chair and a new sign with your business credit card. 2. You pay your quarterly space rental. 3. You contribute funds from your personal savings to purchase three new chairs. 4. You take out an ad in Skymall which comes out next month. 5. You replenish your polish, whiskey, and cigar supplies. 6. You see an increase in shoe shines due to your Skymall advert. 7. You receive a $1,000,000 tip. 8. You pay off the business credit card.

New Revenue Asset Definitions

Balance Sheet MUST balance!

Sign Conventions

Cash Flow Echo

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