Pass No Pass Name: 5

1 6

2 7

3 8

Quiz 1 - Accounting
Instructions: Write the number of each item in the appropriate section(s) of the appropriate financial statements below and indicate whether it is an increase or decrease. Income Statement Balance Sheet Cash Flow Operating Revenue: Assets: Operations: 4 up 1 up, 3 up, 5 down, 6 2 down, 4 up down, 7 up and down, 8 up Investment: 3 down, 7 up Operating Expenses: 2 up Liabilities: 1 up, 3 up, 5 down

Finance: 1 up, 3 up, 5 down, 6 down, 8 up

Taxable Income:

Owner Equity: 6 down, 8 up Net Income:

Net Cash Flow:

You own a company that makes casual footwear and clothing out of recycled plastic bottles . 1. You take out a loan to have extra cash on hand (zero interest) 2. You hire two employees to work on sourcing plastic bottles for your operation 3. You purchase two dozen dump trucks on the company credit card. 4. Your recycled plastic boat shoes make a splash in the Portland fashion scene, and sales of these trendy kicks triple in only 1 week 5. You make a payment on your loan (no interest expense) 6. You take $5000 from the business for personal use 7. You sell an older screen printing machine for $1000 cash 8. Your company issues 10,000 shares of stock

New Revenue Asset Definitions

Balance Sheet MUST balance!

Sign Conventions

Cash Flow Echo