WorksheetsBASIC ACCTG QUIZ
Total questions: 10
Worksheet time: 5mins
Which financial statement reports the revenues and expenses for a period of time such as a year or month?
balance sheet
income statement
statement of cash flows
which financial statement reports the assets, liabilities and stockholders' equity at a specific date?
balance sheet
income statement
statement of cash flows
Under the accrual basis of accounting, revenues are reported in the accounting period when which of the following accounts?
cash is received
service or goods have been delivered
under the accrual basis of accounting, expenses are recorded in the accounting period when which of the following occurs?
cash is paid
an expense matches the revenues or is used up
revenues minus expenses equals
(a)
resources owned by the company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as
(a)
obligations (amounts owned) are reported on the balance sheet and are referred to as
(a)
liabilities often have the word (a) in their account title.
the listing of all the accounts available for use in a company's accounting system is known as the
(a)
assets minus liabilities equals
(a)
