Balance Sheet Income Statement Statement of Cash Flows D. Statement of Owner’s Equity # Item 1. Withdrawals 2. Revenues 3. Supplies 4. Land 5. Accounts Payable 6. Accounts Receivable 7. Operating Activities 8. Wages Expense 9. Net Income 10. Cash ANSWER: # Answer Account 1. D (If Cash, also C.) Withdrawals 2. B Revenues 3. A Supplies 4. A Land 5. A Accounts Payable 6. A Accounts Receivable 7. C Operating Activities 8. B Wages Expense 9. B & D Net Income 10. A & C Cash Moderate DIFFICULTY: Remembering Bloom’s: ACCT.WARD.16.01-05 - 01-05 LEARNING OBJECTIVES: ACCT.ACBSP.APC.09 - Financial Statements ACCREDITING STANDARDS: ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Name and describe the four primary financial statements for a proprietorship. 1. Income Statement: A summary of the revenue and expenses ANSWER: for a specific such as a month or a year. period of time, Statement of Equity: A summary of the changes in the Owner’s owner’s equity that have occurred such as a during a specific period of time
Balance Sheet Income Statement Statement of Cash Flows D. Statement of Owner’s Equity # Item 1. Withdrawals 2. Revenues 3. Supplies 4. Land 5. Accounts Payable 6. Accounts Receivable 7. Operating Activities 8. Wages Expense 9. Net Income 10. Cash ANSWER: # Answer Account 1. D (If Cash, also C.) Withdrawals 2. B Revenues 3. A Supplies 4. A Land 5. A Accounts Payable 6. A Accounts Receivable 7. C Operating Activities 8. B Wages Expense 9. B & D Net Income 10. A & C Cash DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-05 - 01-05 ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Name and describe the four primary financial statements for a proprietorship. ANSWER: 1. Income Statement: A summary of the revenue and expenses for a specific period of time, such as a month or a year. Statement of Owner’s Equity: A summary of the changes in the owner’s equity that have occurred during a specific period of time such as a
Accouting-26th-Edition-Test-Bank.docx