Pass No Pass Name: 5

1 6

2 7

3 8

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

You own a large chain of discount retail outlets 1. You receive a delivery of toys from a supplier. He sends along an invoice, payable in two weeks. 2. You lay off 5% of your employees. 3. You take out a loan to purchase two dozen delivery trucks. 4. The holiday season begins, and sales rise. 5. You pay off your loan. 6. Gas prices rise, but your deliveries stay constant. 7. You sell a warehouse. 8. Your company issues 10,000 shares of stock.

New Revenue Asset Definitions

Balance Sheet MUST balance!

Sign Conventions

Cash Flow Echo