BBI-AccountingTest

_________ are things a company owns.

When accounting for tax, the goal of a business is to maximize profit shown.

Accounts Payable is an account that tracks people and businesses that owe a your business money

Bank Loan is an example of a(n) _______ account.

On a balance sheet, Assets are listed according to their liquidity.

A car is considered more liquid than supplies.

Sales is an example of a(n) _______ account.

Accounts Receivable is a Liability account.

Banks, investors and the government are considered external users of financial statements.

When completing Financial accounting, the goal is to maximize profits show.

Final Balance Sheet totals should always be on the same line.

A debtor is someone who owes the company money.

_________ is money spent on items to run the business

When creating a Financial statement, the second line in the header provides the:

The final totals of a Balance Sheet should always be equal.

An energy bill is an example of a(n) _______.

The fundamental accounting equation can be represented as:

When formatting numbers in a balance sheet or income statement a $ is shown for:

Three types of accounting are managerial, financial and business.

_________ owe the company money.

___________ is money generated from the sale of goods/services

Liabilities one the balance sheet are listed in order of when they should be paid.

Rent paid to use a building is an example of a(n) _______ account.

When creating a Financial statement, the first line in the header provides the:

_________ are things a company owes.

The Total Assets figure on a balance sheet should be double-underlined.

If Total Revenue is $100 and Total Expenses is $80 then the Net income/Loss is:

If Total Expenses is greater than Total Revenue then the business experienced Net Income.

An energy bill is an example of a(n) _______.

If Total Assets = $200 and Total Owner's Equity is $150 then Total Liabilities is:

Accounts Receivable is an example of a(n) _______ account.

A mortgage is an example of a(n) _______ account.

On a balance sheet the Total Liabilities figure should be double underlined

Owner's equity represents the money invested in a business by an owner.

If Total Revenue is $120 and Total Expenses are $150, then the Net Income/Loss is:

When accounting for management, you want to make statements as accurate as possible.

A thick underline on a Balance sheet / Income statement Adding/Subtracting numbers above.

Revenues and expenses are shown on the Balance Sheet in alphabetical order.

When creating a Financial statement, the third line in the header provides the:

If Total Assets = $100 and Total Liabilities is $20 then Total Owner's Equity is:

If Total Liabilities is $20 and Total Owner's Equity is $50 then Total Assets is: