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

Net Cash Flow:

You own an exotic pet store. 1. An article comes out about the dangers of salmonella from snakes and sales fall 5% 2. The cost of pine shavings to line cages falls. 3. You sell one of your older delivery vehicles. 4. You take out a loan for a new salt water aquarium for an in-store display. 5. Your business partner decides to start out on his own. 6. You accept a delivery of unusual fish with an invoice, payable in 30 days. 7. Your salt water fish tank is attracting customers. Sales of salt water fish are up 10% 8. You make a payment on your loan.

New Revenue ≠ Asset Definitions

Balance Sheet MUST balance!

Sign Conventions

Cash Flow Echo

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