Test 1 Mini-Review

Which financial statements can be made at any point in a financial period? Check all that apply.

• Statement of Cash Flows

• Income Statement

• Statement of Accounting

• Balance Sheet

Which of these are current assets? Check all that apply.

• Supplies

• Accounts Payable

• Plants and Equipment

• Accounts Receivable in 3 months

• Accounts Receivable in 2 years

Which of these is an asset?

• Accounts Payable

• Common Stock

• Accounts Receivable

• Revenue

Which of these is true?

• Accounts Receivable is credited for an increase of $500

• Notes Payable is credited for an increase of $500

• Cash is debited for a decrease of $500

• Salaries Expense is debited for a decrease of $500

Which of the following would be classified as Financial Activities?

• CommuniTech incurs and pays a salaries expense of $10000.

• CommuniTech performs services totaling $50000 for PolyTech.

• CommuniTech purchases a new warehouse for $200000.

• CommuniTech takes out a loan of $20000.

Which of the following are included in Stockholder's Equity?

• Common Stock & Retained Earnings

• Assets & Liabilities

• Liabilities & Common Stock

• Retained Earnings & Assets

What is the name of an entity that loans out money to an individual or company?

• Shareholder

• Owner

• Creditor

• Stockholder

Economic resources include:

• Liabilities

• Assets

• Retained Earnings

• Common Stock

Record where transactions are stored

• Balance Sheet

• T Account/Chart of Accounts

• Ledger

• Income Statement

CommuniTech performs $4000 of service for HiTalk (paid in cash).

• Debit Cash $4000; Credit Service Revenue $4000

• Debit Service Revenue $4000; Credit Cash $4000

• Debit Accounts Receivable $4000; Credit Retained Earnings $4000

• Debit Retained Earnings $4000; Credit Accounts Receivable $4000