The balance sheet reports ________.

FABM1 Midterm Quiz

Quiz
•
Business
•
1st Grade
•
Hard
Judy Ramirez
Used 1+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
the income of a company at a point in time
the financial position of a company at a point in time
the expenses of a company at a point in time
the net worth of a company at a point in time
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A ledger is a list of ________.
the balances in an account
every transaction in an account
expenses in an account
the people who have access to an account
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A report that lists accounts and their balances, in which the total debit balances should equal the total credit
balances, is called a(n) ________
account balance
ledger
trial balance
general journal
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
True or false? The trial balance can serve as a replacement for the balance sheet, since debits must equal with
credits
True
False
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A record of the increases and decreases in a speciÒc asset, liability, equity, revenue, or expense is a(n) ________.
journalizing
posting
trial balance
account
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
When a company bills a customer for $900 for services rendered, the journal entry to record this transaction will
include a $900 credit to Service Revenue.
True
False
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The last step in the accounting cycle is ________.
preparing the trial balance
preparing the financial statements
closing the temporary accounts
preparing the post-closing trial balance
Create a free account and access millions of resources
Similar Resources on Quizizz
10 questions
Debit & Credit

Quiz
•
1st Grade
13 questions
Accounting Ch 4

Quiz
•
1st Grade
13 questions
Component 3 - Financial Records Topic 2

Quiz
•
1st - 12th Grade
13 questions
Receivable Financing

Quiz
•
KG - University
6 questions
BKCL Control accounts

Quiz
•
1st - 12th Grade
10 questions
E-commerce

Quiz
•
1st - 3rd Grade
15 questions
FABM 1 -Diagnostic quiz

Quiz
•
1st Grade
8 questions
Trial Balance

Quiz
•
1st Grade
Popular Resources on Quizizz
15 questions
Multiplication Facts

Quiz
•
4th Grade
25 questions
SS Combined Advisory Quiz

Quiz
•
6th - 8th Grade
40 questions
Week 4 Student In Class Practice Set

Quiz
•
9th - 12th Grade
40 questions
SOL: ILE DNA Tech, Gen, Evol 2025

Quiz
•
9th - 12th Grade
20 questions
NC Universities (R2H)

Quiz
•
9th - 12th Grade
15 questions
June Review Quiz

Quiz
•
Professional Development
20 questions
Congruent and Similar Triangles

Quiz
•
8th Grade
25 questions
Triangle Inequalities

Quiz
•
10th - 12th Grade