ACCOUNTING QUIZ

Which Financial Statement includes "Cash Receipts From Customers"?

• INCOME STATEMENT

• BALANCE SHEET

• CASH FLOW STATEMENT

• NONE OF THE ABOVE

In which statement is "Cost of Sales "found?

• INCOME STATEMENT

• CASH FLOW STATEMENT

• BALANCE SHEET

On the Balance Sheet Total Assets must equal Total Liabilities plus Equity?

• True

• False

True Or False

Net Profit from the Income Statement feeds into the liabilities section in the Balance Sheet?

• True

• False

Which Side of the Ledger accounts is used to record an increase in Revenues?

• DEBIT

• CREDIT