Chapter 1 and 2 Test
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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| ROA formula | net income/total assets
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| Debt ratio | total debts/total assets
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| Income Statement | Date - Cash Flows - Cash + Land + Supplies+ Equipment = Notes Payable + Accts. Payable = Common Stock, Retained Earnings - Revenue - Expenses = Net Income
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| Four Financial Statements | 1. Income statement 2. Statement of Changes in Owners Equity 3. Balance Sheet 4. Statement of changes in cash flows
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| D.E.A.D. | Debits increase EXpenses, Assets, Dividends
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| What do credits increase? | Liabilities, Equity, Revenue
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| AE | Asset Exchange
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| AU | Asset Use
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| AS | Asset Source
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| OA | Operating Activity
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| FA | Financing Activity
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| IA | Investing Activity
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| T Account | Debits on the L, Credits on the R
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| If Assets/Expenses or Dividends go up what else goes up? | Debits
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| If Liabilities, Equity or Revenue goes up, what else goes up? | Credits
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| Matching Principle | Expenses must equal revenues
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| Accounts | Records that are kept for each asset, liability, equity, revenue, expense and dividend component of an entity
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| The Journal | the book used to record all transactions
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| Journalizing | To write a journal entry
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| Journalizing format | Debits first, flush left. Credits second, indented right.
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| The General Ledger | A record of all the accounts and their balances.
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| Trial Balance | Trying out it your debits and credits are correct.
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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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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:
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