Accounting Game

Which one of the following items is not found on a Balance Sheet?

• Cash

• Gross Profit

• Assets

• Liabilities

Which accounting system most accurately reflects profitability?

• Cash Accouting

• Flow of Funds Accounting

• Accrual Accounting

An account receivable is

• an Asset

• Owner's Equity

• a Liability

An account receivable is

• an Asset

• Owner's Equity

• a Liability

Which of the following is most important to the daily operations of a business?

• Assets

• Cash

• Retained Earnings

When people speak about the bottom line, they are referring to:

• Net Profit

• Gross Margin

• Gross Profit

A prepaid expense is:

• an Asset

• Owner's Equity

• a Liability

Is LIFO/FIFO a method of

• Inventory Evaluation

• Profit Ratio

• Financing

Which would you find on an Income Statement?

• Expense

• Fixed Asset

• Liability

A business with single owner.

• Sole Proprietorship

• Partnership

• Corporation

• Cooperative