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Income Statement
Balance Sheet
Terms
Calculations
Mixed Bag
100
What are the four sections of the income statement
Heading - Revenue - Expenses - Net Income or Net Loss
100
Information needed to prepare a balance sheet liabilities section is obtained from ___________________.
What is Worksheet, Balance Sheet section?
100
The amount remaining after the value of all liabilities is subtracted from the value of all assets
What is Owner's equity?
100
Assets = Liabilities + Owners Equity
What is the Accounting Equation?
100
Financial Statements are prepared in this order.
What is Income Statement, Statement of Changes in Owners Equity & Balance Sheet?
200
How is the date written on an Income Statement
For Month Ended November 30. 2010
200
When preparing a balance sheet, the amount of owner's capital is calculated using amounts obtained from
What is the Statement of Changes in Owners Equity?
200
The ease with which an asset can be converted to cash.
What is Liquidity?
200
The components of a Quick Ratio calculation.
What is Cash & Receivables/Current Liabilities?
200
A balance sheet reports financial information on a specific date and includes the assets, liabilities, and owner's equity
True
300
Net Income/Sales (Revenue)
What is Return on Sales Ratio?
300
What are the four sections of the balance sheet
Heading - Assets - Liabilities - Owners Equity
300
Managers use these as the basis for making good financial decisions.
What are Financial Statements?
300
How do you figure net income component percentage
net income / total sales = net income C.P
300
The term used when current assets exceed current liabilities.
What is Working Capital?
400
If total expenses is > total revenue it equals what
Net loss
400
The Balance sheet uses the same format as the
What is the accounting equation?
400
Accounting concept applied when financial statements are prepared with the expectation that a business will remain in operation indefinitely
What is a Going Concern?
400
How do you figure current capital when you have a net income
What is Capital account balance + net income - withdrawal account = current capital
400
On an income statement, double lines are ruled across both amount columns to indicate that debits equal credits. True or False?
What is False? Double Ruling shows there is no further calculations to be done.
500
When a business has two sources of revenue how should it be listed on the income statement
Separately
500
A balance sheet reports a business's financial condition for ________________.
What is a specific point in time?
500
Worksheet, income statement, and owner's capital.
What are sources of information used to prepare the statement of changes in owner's equity?
500
How do you figure current capital when there is a net loss
Capital account balance - net loss - withdrawal account = current capital
500
Preparing Financial Statements is this step in the Accounting Cycle?
What is Step 7? Collect & Verify source documents, Analyze each transaction, Journalize each transaction, Post to Ledger, Prepare a Trial Balance, Prepare a Worksheet, Prepare Financial Statements