Accounting 1 Test 2

dphilly210's version from 2016-04-07 02:55


Question Answer
Income Statement1) Header 2) Sales Rev 3) COGS 4) Gross Profit 5) Op. Exp. 6) Op. Income. 7) Other Items 8) Net Income
Change in Owners Equity1) Full Header 2) Owners Capital 3) Net Income 4) Withdrawls 5) New Owners Capital
Balance Sheet (Assets)1) Current Assets 2) Total Current Assets 3) Non-current Assets 4) Total Non-current Assets 5) Plant, Property, and Equipment 6) Total P,P,E 7) Total Assets
Balance Sheet (Current Assets)1) Cash 2) Marketable Securities 3) Receivables 4) Inventory 5) Prepaid Items
Balance Sheet (Non-current assets)1) Notes payable
Balance Sheet ( P,P, and E)1) Land 2) Building 3) Equipment
Balance Sheet (Liabilities)1) Current Liabilities 2) Total current Liabilities 3) Non-current Liabilities 4) Total non-current 5) Total Liabilities
Balance Sheet (Current Liabilities)1) A/P and Salaries Payable 2) Unearned Rev. 3) Short-term Note Payable
Balance Sheet ( Non-current Liabilities)1) Long-term notes Payable 2) Morgage Pay 3) Bonds Payable
Balance Shett ( Owner's Equity)1) Owner's Equity 2) Total Liabilities and Owners Equity
Cash Flow Statement 1) cash flow from operating activities 2) Cash flows from investing activities 3) cash flow from financing activities 4) Net increase in cash 5) Beginning cash balance 6) ending cash balance
Cash Flow Statement (Operating activities)1) Cash inflows 2) Cash outflows 3) Net cash provided by operations
Cash Flow Statement (Investing activities)1) Purchase of equipment 2) Sale of land 3) Net cash provided by investing activities
Cash Flow Statement (Financing activities)1) pay off note payable 2) owners contribution 3) Net cash provided by financing activities
Cash Flow Statement (Cash inflow under operating activities)1) collections from customers
Cash Flow Statement (Cash outflow under operating activities)1) Payment to suppliers 2) payment to interest 3) payment to employees 4) Total cash outflow


Question Answer
A/R for Cash Flow Beginning Balance + Sales Revenue - Collections from customers
Inventory for Cash FlowBeginning Balance + Purchases - COGS
A/P for Cash FlowBeginning Balance + Purchases - Payment to suppliers
Interest/PayableBeginning Balance + Interest Expense - Interest payments
Salaries/ PayableBeginning Balance + Salaries Expense - Salary Payments

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