5 Written Questions
5 Matching Questions
- Statement of Owner's Equity
- Percentage Analysis
- Travel Expense
- a Money that the owner takes from the business, or money in the business account that the owner spends on personal bills.
- b A financial statement that calculates an end-of-period balance of the owner's equity account.
- c A financial statement analysis technique in which one number is assigned 100% and all other numbers are expressed as a percentage of the first number. In balance sheets, they key number is total assets. In income statements, the key number is sales.
- d A supply of items a business has on hand.
- e The cost of living while away from home on business.
5 Multiple Choice Questions
- The amount of long-lived assets used up during operations.
- An income account that explains the increase in business assets as a result of selling goods.
- Sales - Cost of Goods Sold= Gross Profit
Gross Profit - Expenses= Net Income
- The official list of all business accounts.
- The cost to the business of the goods that it sells. (CGS)
5 True/False Questions
Book Value of a Long Lived Asset → The cost of business airplane fares, trains, and long-distance buses.
Income → Income - Expenses= Net Income
Account → A tool to keep track of the ups and downs in accounts. The ups go on one side of the T and the downs on the other side.
Net → A word that means a subtraction has occurred.
Income Statement → The financial report that shows the result of business operations over a period of time.