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Q 1/31
Score 0
The income statement section of the worksheet provides the information used in preparing ______
30
the financial statement of the income statement
Q 2/31
Score 0
The primary financial statment prepared for a sole proprietorship are the income statement, the statement of changes in owners equity and the ____
30
balance sheet
31 questions
Q.
The income statement section of the worksheet provides the information used in preparing ______
1
30 sec
Q.
The primary financial statment prepared for a sole proprietorship are the income statement, the statement of changes in owners equity and the ____
2
30 sec
Q.
Financial reports that summarize the financial condition and operations of a business; summarize changes resulting from business transactions
3
30 sec
Q.
A financial statement showing the revenue and expenses for a fiscal period; reports net income or net loss for a specific period of time
4
30 sec
Q.
summarizes changes in the owner's capital account as a result of business transactions that occur during the period
5
30 sec
Q.
A financial statement that reports assets, liabilities, and owner's equity on a specific date; report of balances in the permanent accounts at the end of a period.
6
30 sec
Q.
A balance sheet format that lists classifications one under another.
7
30 sec
Q.
A financial statement that provides financial information about the cash receipts and cash payments of a business for a specific period of time.
8
30 sec
Q.
the process of evaluating the relationship between various amounts in the financial statements
9
30 sec
Q.
used to evaluate the earnings performance of the business during the accounting period
10
30 sec
Q.
Net Income/Sales
11
30 sec
Q.
items that can or will be converted into cash within one year
12
30 sec
Q.
liabilities due within a short time, usually within a year
13
30 sec
Q.
current assets - current liabilities
14
30 sec
Q.
total liquid assets divided by total current debts; measures the ability to pay current debts
15
30 sec
Q.
current assets divided by current liabilities
16
30 sec
Q.
(Current Assets - Inventory) i.e. Cash and Receivables / Current Liabilities
17
30 sec
Q.
the statement of changes in owners equity is prepeared before _____
18
30 sec
Q.
a net loss and withdrawals will cause a decrease in _____
19
30 sec
Q.
the balance sheet represents the _____
20
30 sec
Q.
the balance sheet contains only the____
21
30 sec
Q.
the wording of the _________in the heading on the income statement is important
22
30 sec
Q.
The statement of changes in owner's equity is completed after
23
30 sec
Q.
The section listed on the income statement are the heading, the revenue, the expenses and
24
30 sec
Q.
The statement of changes in owner's equity summarizes changes in the ________as result of business transactions that accur during the period.
25
30 sec
Q.
The changes in the cash in bank account are reported in the _______
26
30 sec
Q.
The balance sheet reports the ____________of the permanent accounts at the end of the fiscal period. t/f
27
30 sec
Q.
The balance sheet is prepared _______ the statemenet of changes in owners equity.
28
30 sec
Q.
The _________represents the basic accounting equation
29
30 sec
Q.
A net income will __________ the owners capital account t/f
30
30 sec
Q.
The statement of changes in owners equity summarizes the effects on the ___________of the various business transactions that occur during the period
