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: 6 up, 7 up 1 up, 3 up, 5 up and 2 down, 4 down, 6 up, 7 down, 8 down up

Operating Expenses: 2 up, 4 up

Liabilities: 1 up, 8 down

Investment: 1 down, 3 down, 5 down

Finance: 1 up, 3 up, 8 down Taxable Income: Owner Equity: 3 up Net Cash Flow: Net Income:

You run a shoe shine stand at the airport. 1. You purchase a chair and a new sign with your business credit card. 2. You pay your quarterly space rental. 3. You contribute funds from your personal savings to purchase three new chairs. 4. You take out an ad in Skymall which comes out next month. 5. You replenish your polish, whiskey, and cigar supplies. 6. You see an increase in shoe shines due to your Skymall advert. 7. You receive a $1,000,000 tip. 8. You pay off the business credit card.

New Revenue Asset Definitions

Balance Sheet MUST balance!

Sign Conventions

Cash Flow Echo