Accounting Unit 1 Review

What Accounting function is the following an example of?

Adding up all customer payments over the month to find the month's total revenue amount.

• Totaling

• Recording

• Summarizing

• Analyzing

Accounting is the process of

recording, summarizing, and

_________ financial transactions.

The common set of accounting rules,

standards, and procedures for all

accountants in the United States.

Liabilities = ​ (a)   - ​ (b)  

• Assets
• Owner's Equity
• Liabilities
• Net Income

Organize the financial statements into the right time categories:

Groups:

(a) Period of Time

,

(b) Moment in Time

• Statement of Cash Flows

• Balance Sheet

• Income Statement

If Company A has:

$2,300 in Cash

• $400 in Accounts Payable

• $500 in Accounts Receivable

• $1,100 in Bank Loans

What is Company A's Owners Equity?

Mathematical Equivalence

ON

What is the final product of the Income Statement?

• Current Assets

• Owner's Equity

• Net Income

• Revenue

Net Income feeds into what Equity category on the Balance Sheet?

A financial statement that summarizes the movement of cash in and out of a company during a specific period in time.

• Income Statement

• Statement of Cash Flows

• Balance Sheet

• Bank Statement

Organize these two options into the right categories

Groups:

(a) Assets

,

(b) Liabilities

• Accounts Payable

• Accounts Receivable