The last entry you will make before starting the next reporting cycle will be to:

Income Statement accounts are considered _______.

The Net Income is calculated by adding the ______ and subtracting the ______.

After calculating the Net Income, that amount is transferred to which financial statement?

Which account is the Residual Balance from the Income Statement closed to?

After you close out the Income Statement accounts to Retained Earnings, what should your revenue and expense balances be?

What is the FIRST thing you must do when beginning accounting for a business?

What is the second step in accounting after setting up the Chart of Accounts?

What are the TWO steps you must complete at the end of the reporting period?

Where does the data come from that is on the financial statements?

What is the last step in the accounting period that gets you ready to capture and report the next period?

Which worksheet helps to prepare financial statements by summarizing steps and catching errors?

Which TWO financial statements does the Trial Balance help to prepare?

Which financial statement can be reported in a direct or indirect manner?

A DIRECT Statement of Cash Flows follows the ___________.

An INDIRECT Statement of Cash Flows reconciles _____________

Which is considered a non-cash flow expense?

Which THREE activities does the Statement of Cash Flows involve? (MARK ALL)

Which means "Cash flows associated with the normal operations of the business"?

Which means "Cash flows from investment transactions conducted during the period such as purchasing major equipment"?

Which means "Cash flows from loans, mortgages, investments by owners and distribution back to owners"?

Which type of activity is paying vendors for supplies and receiving payments when products are sold?

Which type of activity would purchasing major equipment fall under?

Which activity would buying another company fall under?

Which activity would selling off assets fall under?

Which activity would cash flows from loans fall under?

Which activity would investments from owners and distributions back to owners fall under?

When using the DIRECT approach for Statement of Cash Flows, which sequence is correct?

Which is correct in calculating the Balance of Statement of Owner's Equity?

A truck is purchased for $30,000 and has a residual value of $5,000 after 5 years. What is the amount of depreciation per year?

A building is purchased for $80,000 and has a salvage value of $20,000 after 30 years. What amount is depreciated each year?

A freezer is purchased for $18,000 and is expected to be worth $3,000 after its useful life of 5 years. What amount is depreciated each year?

A computer is purchased with a useful life of 4 years. The original price was $2,300 but was purchased for $2,000. There is zero salvage value. What is the amount of depreciation per year?

A large sign for Taco Bell was purchased for $220,000 and is expected to last 10 years. The residual value is expected to be $20,000. What amount is depreciated per year?

A building is purchased for $125,000 with a residual value of $20,000. Its useful life is 30 years. What is the annual depreciation amount?

A bulldozer was purchased for $89,000 and has an expected useful life of 8 years. The salvage value is $5,000. The amount of annual depreciation is:

A bus is purchased for $135,000 and is expected to be useful for 6 years. At the end of its life the salvage value is expected to be $7,500. What is the annual depreciation amount?

A tractor is purchased for $89,000 and is expected to last 15 years. The salvage value is expected to be $7,000. The annual depreciation will be:

An X-ray machine was purchased for $840,750 with a useful life of 7 years. The salvage value is expected to be $50,000. What is the annual depreciation amount?

If straight line depreciation is $900 per year, the amount of double declining depreciation is:

If the annual amount of straight line depreciation is $2,400, what is the amount of double declining depreciation?

If straight line depreciation is $5,000 per year, how much is allocated per month?

If the amount of straight line depreciation is $7,500, what is the amount per month?

If the annual straight line depreciation amount is $3,250, the monthly amount will be:

What is needed zero out the revenue and expense accounts?

The closing entries move amounts from the permanent accounts to:

From the Income Summary Account, where do remaining balances move to?

Events and activities that have not been incorporated into the accounting records need a ______________ to bring financial statements in line with reality.

The series of adjustments needed to bring financial statements in line with reality are called:

Which TWO financial statements are outputs from each accounting cycle? (Mark all)

Financial Statements are generated as a result of which?

When preparing financial statements, it can be very useful to have one schedule that shows the figures from the general ledger all the way through to the financial statements. Which does that?

The Trial Balance Worksheet can be used at any time but is particularly helpful at:

Which financial statement can be reported in a direct or indirect manner?

A direct Statement of Cash Flows identifies...?

Cash inflows and outflows that are associated with the normal operations of business are classified as:

Which are Investment Activities? (Mark All)

Which are Operating Activities? (Mark All)

Which are Financing Activities? (Mark all)