Accounting 1 Chapter 7
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| When financial statements contain all information necessary to understand a business's financial condition | Adequate Disclosure
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| When financial statements are prepared with the expectation that a business will remain in operation indefinitely | Going Concern
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| The revenue earned and the expenses incurred to earn that revenue are reported in the same fiscal period | Matching Expenses with Revenue
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| The percentage relationship between one financial statement item and the total that includes that item | Component Percentage
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| A financial statement showing the revenue and expenses for a fiscal period | Income Statement
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| A financial statement that reports assets, liabilities, and owner's equity on a specific date | Balance Sheet
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| The formula for calculating current capital with a Net Income | Capital Account Balance + Net Income - Drawing
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| The formula for calculating current capital with a Net Loss | Capital Account Balance - Net Loss - Drawing
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| The Accounting Equation | Assets = Liabilities + Owner's Equity
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
TammieVanScyoc
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