Basic Accounting Quiz# 2
MCNP-ISAP

Name : __________________________________________________ Date:____________ Score:____________
Directions: Encircle your final answer. Do not cheat. Good luck! 1. | The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the | balance sheet income statement statement of cash flows |

2. | The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the | balance sheet income statement statement of cash flows |

3. | Under the accrual basis of accounting, revenues are reported in the accounting period when the | cash is received service or goods have been delivered |

4. | Under the accrual basis of accounting, expenses are reported in the accounting period when the | cash is paid expense matches the revenues or is used up |

5. | Revenues minus expenses equals _______ ________________. |

6. | Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet/statement of financial position and are referred to as __________________. | | Assets Liabilities Capital Expenses Revenue |

7. | Obligations (amounts owed) are reported on the balance sheet and are referred to as________________. |

8. | Unearned Revenues is what type of account? | Asset Liability Stockholders' (Owner's) Equity |

9. | Accounting entries involve a minimum of how many accounts? | one two three |

10. | Assets minus liabilities equals ______________________. |

11. | Which term is associated with "left" or "left-side"? | Debit | Credit | 12. | Which term is