1 What is the list that the company prepares to know the profits or losses it has achieved at the end of the financial period? Income statement
Trial Balance
cash flow list
Statement of financial position
statement of changes in owner's equity
2 Which of the following accounts does not appear in the statement of financial position? The fund
Revenue due
expenses
capital
Nothing mentioned
Trial Balance
cash flow list
Statement of financial position
statement of changes in owner's equity
2 Which of the following accounts does not appear in the statement of financial position? The fund
Revenue due
expenses
capital
Nothing mentioned
3If the capital account at the beginning of the period equals $5,000, and the capital account at the end of the period equals $7,000, what is the net income achieved?
$12,000 profit
$2000 profit
Loss of $12,000
$2000 loss
Nothing mentioned
4 Which of the following accounts is not closed at the end of the fiscal year?
Revenues
Income summary
Personal withdrawals
expenses
Nothing mentioned
5 Which of the following items is not considered a one-stage income statement item?
Sales cost
Revenues
expenses
total profit
Nothing mentioned
6 If you know that the capital account is equal to 10,000, and the net profit is equal to 3,000 $, and the personal withdrawals are equal to 1,000 $, then the net equity is equal to?
$6,000
$14,000
$12,000
$8,000
Nothing mentioned
7If the balance of the revenue account is $10,000, and the balance of expenses is $7,000, then the income summary balance is:
You owe $17,000
A creditor of $3,000
A creditor of $17,000
$3,000 in debt
Nothing mentioned
8 Expenses are closed as follows:
From h/expenses to h/revenues
From h/expenses to h/income summary
From h/ income summary to h/ expenses
From h/revenues to h/expenses
Nothing mentioned
9 permanent accounts are?
These are the accounts that are closed
They are accounts whose balance is zero
They are the accounts that appear in the income statement
They are the accounts that will appear in the next fiscal period
Nothing mentioned
10 Will the cash purchase of fixed assets affect the following financial statements?
Income statement and financial position statement
Income statement only
List of financial position only
List cash flow only
Nothing mentioned
$12,000 profit
$2000 profit
Loss of $12,000
$2000 loss
Nothing mentioned
4 Which of the following accounts is not closed at the end of the fiscal year?
Revenues
Income summary
Personal withdrawals
expenses
Nothing mentioned
5 Which of the following items is not considered a one-stage income statement item?
Sales cost
Revenues
expenses
total profit
Nothing mentioned
6 If you know that the capital account is equal to 10,000, and the net profit is equal to 3,000 $, and the personal withdrawals are equal to 1,000 $, then the net equity is equal to?
$6,000
$14,000
$12,000
$8,000
Nothing mentioned
7If the balance of the revenue account is $10,000, and the balance of expenses is $7,000, then the income summary balance is:
You owe $17,000
A creditor of $3,000
A creditor of $17,000
$3,000 in debt
Nothing mentioned
8 Expenses are closed as follows:
From h/expenses to h/revenues
From h/expenses to h/income summary
From h/ income summary to h/ expenses
From h/revenues to h/expenses
Nothing mentioned
9 permanent accounts are?
These are the accounts that are closed
They are accounts whose balance is zero
They are the accounts that appear in the income statement
They are the accounts that will appear in the next fiscal period
Nothing mentioned
10 Will the cash purchase of fixed assets affect the following financial statements?
Income statement and financial position statement
Income statement only
List of financial position only
List cash flow only
Nothing mentioned
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