Intro to Financial Records

The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the:

• Balance Sheet
• Income Statement
• Statement of Cash Flows
• None of These

The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the:

• Balance Sheet
• Income Statement
• Statement of Cash Flows
• Cash Statement

Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________.

• Assets
• Liabilities
• Owner Equity
• Equity

Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.

• Assets
• Liabilities
• Debt
• Owner Equity

Liabilities often have the word __________ in their account title.

• Assets
• Payable
• Paid
• Equity

All of the following are assets except

• Accounts Receivable
• Buildings
• Supplies expense
• Cash

All of the following are liabilities except:

• Accounts Payable
• Unearned Ticket Revenue
• Taxes Payable
• Commissions Earned

SUPPLIES ARE:

• ASSETS
• LIABILITIES
• CAPITAL

ACCOUNTS PAYABLE IS:

• AN ASSET
• A LIABILITY
• OWNER'S EQUITY

ACCOUNTS RECEIVABLE IS:

• An Asset
• A Liability
• Owner's Equity