Pop Quiz Week 1_PFA2203

Which financial statement reports the Revenues and Expenses for a period of time such as a year or a month?

• Statement of Financial Position

• Statement of Profit and Loss and Other Comprehensive Incomev

• Statement of Changes in Equity

• Statement of Cash Flow

Which financial statement reports the Assets, Liabilities, and Shareholders' Equity at a specific date?

• Statement of Financial Position

• Statement of Profit and Loss and Other Comprehensive Income

• Statement of Cash Flow

• Statement of Changes in Equity

Under the Accrual basis of accounting, Revenues are reported in the accounting period when which of the following occurs?

• Cash Is Received

• Services Or Goods Have Been Delivered

Revenues minus expenses equals

__________

.

• Net profit/ Net Loss

• Total Assets

• Total Revenues

• Total Equities

Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the Statement of Financial Position and are referred to as

__________

.

• Asset

• Liability

• Equity

• Revenue

Unearned Revenues is what type of account?

• Asset

• Liability

• Equity

• Expense

Which term is associated with "left" or "left side"?

• Debit

• Credit

Which term is associated with "right" or "right side"?

• Debit

• Credit

When a company pays a bill, the account Cash will be __________.

• Debited

• Credited

Entries to expenses such as Rent Expense are usually __________.

• Debits

• Credits