Preparing Financial Statements for Service Business
Quiz by Khatoon Ahmed Mansoor AL Halwachi
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8 questions
Show answers
- Q1The owner’s equity statement reports the change in owner’s equity for a specific period.TrueFalse30sEditDelete
- Q2Two accounts Increase owners’ Capital, they are:Investment and Net IncomeNet loss and Drawings30sEditDelete
- Q3Two accounts Decrease owners’ Capital, they are:Net loss and DrawingsInvestment and Net Income30sEditDelete
- Q4Cash is classified as .......................Current AssetsFixed Assets30sEditDelete
- Q5Note payable is Classified as .........................AssetsLiabilities30sEditDelete
- Q6Inventory classified as .............................Fixes AssetsCurrent Assets30sEditDelete
- Q7Supplies used classified as .............................RevenueExpense30sEditDelete
- Q8Total Asset is equal =Total Current AssetTotal Fixed AssetTotal Current Asset + Total Fixed Asset30sEditDelete