Question

1. The financial statement that reports the revenue and expense for a period of time such as year or month :

Balance sheet

Income statement

Statement of cash flows

2. The financial statement that reports asset liability and equity at a specific date :

Balance sheet

Income statement

Statement of cash flows

3. Assets are usually reported on the balance sheet at which amount?

Cost

Current market value

Expected selling price

4. Obligation are reported on the balance sheet are referred as

Asset

Liability

Retained earnings

5. Unearned Revenue is what type of account?

Asset

Liability

Stockholder's equity

6. Resources owned by a company within in one year are reported on the balance sheet as :

Current asset

Current liability

Fixed asset

7. The accounting equation referred as

Asset = liability + equity

Asset + equity = liability

Asset + liability = equity

8. Leverage company refers to

Company depends more on debt

Company depends more on equity

Company depends on government funding

Answer 1

1. The financial statement that reports the revenue and expense for a period of time such as year or month is “INCOME STATEMENT”

2. The financial statement that reports asset liability and equity at a specific date is “BALANCE SHEET”

3. Assets are usually reported on the balance sheet at “COST”

4. Obligation are reported on the balance sheet are referred as “LIABILITY”

5. Unearned Revenue is a “LIABILITY Account”

6. Resources owned by a company within in one year are reported on the balance sheet as “CURRENT ASSETS”

7. The accounting equation referred as “Asset = Liability + Equity”

8. Leverage company refers to “Company depends more on debt”