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Preparing Financial Statements for Service Business

Quiz by Khatoon Ahmed Mansoor AL Halwachi

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8 questions
Show answers
  • Q1
    The owner’s equity statement reports the change in owner’s equity for a specific period.
    True
    False
    30s
  • Q2
    Two accounts Increase owners’ Capital, they are:
    Investment and Net Income
    Net loss and Drawings
    30s
  • Q3
    Two accounts Decrease owners’ Capital, they are:
    Net loss and Drawings
    Investment and Net Income
    30s
  • Q4
    Cash is classified as .......................
    Current Assets
    Fixed Assets
    30s
  • Q5
    Note payable is Classified as .........................
    Assets
    Liabilities
    30s
  • Q6
    Inventory classified as .............................
    Fixes Assets
    Current Assets
    30s
  • Q7
    Supplies used classified as .............................
    Revenue
    Expense
    30s
  • Q8
    Total Asset is equal =
    Total Current Asset
    Total Fixed Asset
    Total Current Asset + Total Fixed Asset
    30s

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