financial accounting II

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Author:
kuroihikigaeru
ID:
164054
Filename:
financial accounting II
Updated:
2012-07-26 16:23:59
Tags:
accounting II week1 quiz
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Description:
accounting quiz week 1
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  1. what is an example of an asset?
    Inventory
  2. what is an example of a liability?
    Notes payable
  3. Revenue and expenses are catagorized as what types of accounts?
    Equity
  4. If liabilities are 10,000 adn stockholders equity is 25,000, assets are?
    35,000
  5. Credits to general ledger accounts are used to record?
    increases to liabilities and stockholders equity.
  6. Credits to general ledger accounts are used to record increases in?
    revenue and stockholders' equity.
  7. When does a net loss occur?
    When expenses are greater than revenue.
  8. Assets, liabilities, and equity are reported on whih finacial statement?
    The Balance sheet.
  9. what does the balance sheet show?
    The finacial posistion of a busines at a given time.
  10. What does the income statement show?
    The results of operations for a period of time.

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