Revenues and Expenses

Credit Fees are a

• Asset

• Revenue

• Owner's Equity

• none of the above

Wages paid are

• An Asset

• An expense

• A revenue

• A Liability

Which Accounting Assumption assumes the life of the business is ongoing

• Entity

• Accrual Basis

• Going Concern

• Period

Which Assumption allows the life of the business to be divided into periods of time

• Entity

• Accrual Basis

• Period

• Going Concern

The Period Assumption allows the life of the business to be divided into periods of time for the purpose of

• Calculating profit

• Preparing Financial reports

• Preparing a Cash Flows Statement

• All of the above

The information about profit or loss is reported in a

• Cash Flow Statement

• Income Statement

• Balance Sheet

• All of the above

Revenue can come from which journals

• Cash Receipts and Purchases Journal

• Cash Receipts and Sales Journal

• Cash Receipts and Cash Payments Journal

• Cash Payments and Sales Journal

The revenue reported from the Sales Journal is called

• Accounts Receivable

• Fees

• Cash Fees

• Credit Fees

The Income Statement reports transactions that have occurred

• In one day

• Over a period of time

The correct calculation for materials USED is

• Materials purchased

• Materials at start + materials purchased

• Materials at start + materials on hand at end + materials purchased

• Materials at start + materials purchased - materials on hand at end