WorksheetsAcct. Balance Sheet /Income Statement Review
Total questions: 15
Worksheet time: 9mins
Net Income is calculated by...
Revenue - Expense
Revenue + Expense
Revenue - Liabilities
Revenue + Liabilities
Revenue and Expenses
What is the purpose of an income statement?
calculate the bank balance
calculate net assets
calculate sales
calculate net profit
When expenses are greater than income?
expense
net loss
net income
net gain
A (a) is a resource that is owned by a business.
Select the item which is not a component of a balance sheet.
Fixed Assets
Current Assets
Current Liabilities
Expenses
Amount which the proprietor has invested in a business is known as ......
Capital
Liability
Asset
Expenses
Amount which the firm owes to outsiders is known as.....
Capital
Expenses
Liability
Asset
Amount withdrawn by the owner for personal use......
Capital
Asset
Drawings
Liability
Expenses which are paid in advance is......
Prepaid Expenses
Postpaid Expenses
Outstanding Expenses
Accrued Expenses
What Three Items are on the Heading of the Balance Sheet?
Company Name
Statement Name
Period of Time (Movie Camera)
Owner's Name
Statement Name
Moment in Time (Snapshot)
Company Name
Statement Name
Moment In Time (Snapshot)
Company Name
Name of Owner
Period of Time (Movie Camera)
What Three Items are on the Heading of the Income Statement?
Company Name
Statement Name
Period of Time (Movie Camera)
Owner's Name
Statement Name
Moment in Time (Snapshot)
Company Name
Statement Name
Moment In Time (Snapshot)
Company Name
Name of Owner
Period of Time (Movie Camera)
An accounting report that is used to show revenue and expenses is the
Loss and Profit Statement
Revenue and Expenses Statement
The Profit or Loss Statement
The Income Statement
A(n) ____ is the financial statement that reports the final balances in all asset, liability, and owner's equity accounts at the end of the accounting period.
general ledger
statement of changes in owner's equity
income statement
balance sheet
What are the 5 main elements of financial statements:
(a)
