Accounting Unit Assessment Review

According to the Balance Sheet, Total Assets are _____.

• $35,000

• $99,500

• $64,500

• $164,000

According to the Balance Sheet, Total Liabilities are _____.

• $35,000

• $99,500

• $64,500

• $164,000

According to the Balance Sheet, Total Liabilities and Owner’s Equity are _____.

• $35,000

• $99,500

• $64,500

• $164,000

According to the Income Statement, Sales-Bakery are _____.

• $16,650

• $28,500

• $3,500

• $11,850

According to the Income Statement, Total Expenses are _____.

• $16,650

• $28,500

• $3,500

• $11,850

According to the Income Statement, Net Income (Loss) is _____.

• Net Income of $28,500

• Net Loss of $28,500

• Net Income of $16,650

• Net Loss of $16,650

If revenues are greater than expenses, you have a net loss.

• True

• False

If expenses are greater than revenues, you have a net loss.

• True

• False

A balance sheet is prepared for a specific date.

• True

• False

An income statement is prepared for a period of time.

• True

• False