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Hosted by Ms. Appel

Hosted by Ms. Appel. True/False 1. True/False 2. True/False 3. True/False 4. 100. 100. 100. 100. 200. 200. 200. 200. Final. 300. 300. 300. 300. 400. 400. 400. 400. 500. 500. 500. 500. Row 1, Col 1. What is True. Reporting in the same fiscal

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Hosted by Ms. Appel

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  1. Hosted by Ms. Appel

  2. True/False 1 True/False 2 True/False 3 True/False 4 100 100 100 100 200 200 200 200 Final 300 300 300 300 400 400 400 400 500 500 500 500

  3. Row 1, Col 1 What is True Reporting in the same fiscal Period the revenue earned and The expenses incurred to earn That revenue is an application Of the accounting concept Matching Expenses with Revenue

  4. Row 1, Col 2 What is False? The owner’s capital amount Reported on a balance sheet is Calculated as: capital account Balance plus drawing account Less net income

  5. Row 1, Col 3 What is True? The formula for calculating Net income is: Total revenue Minus total expenses equals Net income.

  6. Row 1, Col 4 What is True? Daily Double The net income calculated for The income statement and the Net income on the work sheet Must be the same

  7. Row 2, Col 1 What is True? The adequate disclosure accounting Concept is applied when financial Statements contain all Information necessary to Understand a business’s Financial condition

  8. Row 2, Col 2 What is False? On an income statement, Double lines are ruled across Both amount columns To indicate that debits Equal credits

  9. Row 2, Col 3 What is True? For a service business, the Revenue reported on an Income statement includes Components for total Expenses and Net Income

  10. Row 2, Col 4 What is True? The formula for calculating The total expenses component Percentage is: total expenses Divided by total sales equals Total expenses component Percentage.

  11. Row 3, Col 1 What is True? The financial condition of a Business refers to its Financial strength

  12. Row 3, Col 2 What is False? The current capital to be reported On a balance sheet is calculated As: the capital account Balance plus net income Equals current capital Daily Double

  13. Row 3, Col 3 What is True? The owner’s equity section of a Balance sheet may report Different kinds of details About owner’s equity, Depending on the need of the business

  14. Row 3, Col 4 What is False? Component percentages on an Income statement are Calculated by dividing Sales and total expenses by Net Income

  15. Row 4, Col 1 What is True? A component percentage is the Percentage relationship between One financial statement item And the total that includes That item

  16. Row 4, Col 2 What is True? An income statement reports Information over a period of time Indicating the financial progress Of a business in earning a net Income or a net loss

  17. Row 4, Col 3 What is True? The Matching Expenses with Revenue accounting concept is Applied when the revenue Earned and the expenses Incurred to earn that revenue are Reported in the same fiscal period

  18. Row 4, Col 4 What is False? Information needed to prepare An income statement comes from The trial balance columns And the income statement Columns of a work sheet

  19. Row 5, Col 1 What is False? An amount written in parentheses On a financial statement indicates An estimate.

  20. Row 5, Col 2 What is False? A Balance sheet reports Financial information over A specific period of time

  21. Row 5, Col 3 What is True? A balance sheet reports financial Information on a specific date And includes the assets, Liabilities, and owner’s equity

  22. Row 5, Col 4 What is False? When a business has two different Sources of revenue, a separate Income statement should Be prepared for each Kind of revenue

  23. Final Jeopardy List the formula for finding current capital when there is a net loss. Current Capital = Beginning Capital – Drawing – Net Loss

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