Download Accounting Exam 1 Practice Questions and Answers and more Exams Laboratory Practices and Management in PDF only on Docsity! AC Exam 1 practice questions and answers 2024 The primary goal of most companies is to - answer make a profit True or False: The accounting equation is Assets = Liabilities + Stockholders' Equity. - answer True Place the single-step income statement items in the proper order from top to bottom. - answer 1. Revenue 2. Expenses 3. Net Income Individual expenses are accumulated in separate - answer accounts Match the financial statement that reports each of the following. - answer Supplies to Balance sheet (supplies on the balance sheet represents the amount of supplies on hand.) Supplies Expense to Income Statement (supplies expense on the income statement represents the amount of supplies used.) Cash paid for supplies to Statement of cash flows (cash paid for supplies is the amount paid on the statement of cash flows.) Which of the following statements are true about the balance sheet. - answer 1. It is sometimes called the statement of financial position. 3. Balance Sheet - Reports the financial position of the business at a point in time. 4. Statement of cash flows - Reports the operating, investing and financial activities effect on cash. The balance sheet reports ______. - answer assets, liabilities and stockholders' equity at a specific point in time. Net Income equals total - answer revenues minus total expenses. Place these items in the order in which they appear on the statement of cash flows. - answer 1. Cash flows provided by (used in) Operating Activities. 2. Cash Flows Provided (used in) Investing Activities. 3. Cash Flows Provided by (used in) Financing Activities. Place the following in order (top down) of how they would appear in the heading of Dell Llama's annual income statement for the fiscal year ended March 31, 2017. - answer 1. Deli Llama, Inc. 2. Income Statement 3. For the year ended March 31, 2017 The statement retained earnings reports the - answer Profits that have accumulated in the company over time. The balance sheet balances when - answer assets equal liabilities plus stockholders equity When a company is owed for sales made to customers on credit, the asset called - answer Accounts Receivable will be reported on the balance sheet. Which of the following represents the written promise to repay a bank? - answer Notes Payable
