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Questions to ask about balance sheet and income statement page 2 of 3.
Income statement and balance sheet questions. Is a merchandising company that uses the periodic inventory system. When an owner draws 5 000 from a sole proprietorship or when a corporation declares and pays a 5 000 dividend the asset cash decreases by 5 000. The balance sheet is like a photo of your bank account and. The balance sheet and income statement are both part of a suite of financial statements that tell the story of a business s history.
Similar to personal net worth. Accounting and bookkeeping quiz. Financial statements balance sheets income statements chapter exam instructions. The following trial balance is prepared after preparation of income statement for f.
A prepare an income statement retained earnings statement and balance sheet for the following. The solution answers 40 multiple choice questions related to balance sheet income statement perpetual invenotyr system periodic inventory system bank reconciliation etc. As it is earned it moves from the balance sheet to the income statement as revenue 15. Was started with an initial investment in the company of 22 100.
Expanded accounting equation quiz. Questions to ask about balance sheet and income statement page 1 of 3. Green as at 31 march 2015. Choose your answers to the questions and click next to see the next set of questions.
On june 1 2017 elite service co. Does the statement of cash flow use information from both the balance sheet and income statement. 10 net assets net worth of organization. In the absence of information about the date of repayment of a liability then it may be assumed.
Preparation of balance sheet horizontal and vertical style. How are the income statement and balance sheet related to each other. Prepare balance sheet for f. Sales 500 000 purchases 225 000.
Selected account balances are listed below. Balance sheet income statement practice questions. Green as at 31 march 2015 in both horizontal and vertical style. Using bellwether as an example what cash accounts does the statement of cash flow report.
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