Financial Accounting 27042018

Which financial statement displays the revenues and expenses of a company for a period of time?

• INCOME STATEMENT

• BALANCE SHEET

• CASH FLOW STATEMENT

• STATEMENT OF STOCKHOLDER’S EQU

What is the main purpose of financial accounting?

• ORGANIZE FINANCIAL INFORMATION

• PROVIDE USEFUL, FINANCIAL INFORMATION TO OUTSIDERS

• KEEP TRACK OF COMPANY EXPENSES

• MINIMIZE COMPANY TAXES

Which of these is not included as a separate item in the basic accounting equation?

• ASSETS

• REVENUES

• LIABILITIES

• STOCKHOLDER’S EQUITY

Which financial statement uses the expanded accounting equation?

• INCOME STATEMENT

• BALANCE SHEET

• CASH FLOW STATEMENT

• STATEMENT OF STOCKHOLDER’S EQUITY

The accrual basis of accounting records revenues when they are:

• COLLECTED

• EARNED

• CONTRACTED

• READILY AVAILABLE FOR USE

The account format that displays debits, credits, balances, and headings.

• GENERAL JOURNAL

• GENERAL LEDGER

• T-ACCOUNT

• LEDGER ACCOUNT

Asset accounts have what type of balance?

• DEBIT

• CREDIT

• CONTRA

• ALL OF THE ABOVE

Which account is not a liability account?

• ACCOUNTS PAYABLE

• ACCRUED EXPENSES

• CASH

• NOTES PAYABLE

Which account increases equity?

• EXPENSES

• WITHDRAWALS

• TREASURY STOCK

• REVENUES

A contra asset account has what type of balance?

• DEBIT

• CREDIT

• CONTRA

• ALL OF THE ABOVE