11. What is the change in cash? (Format your answer as $x,xxx)

Statement of Cash Flows

$2,000

Accounting Cycle (Part 2) Assessment

12. Which of the following financial statements provides a summary of a company’s revenue and expenses over a period of time?

  • The Statement of Equity
  • The Statement of Cash Flow
  • The Income Statement
  • The Balance Sheet

13. Which of the following financial statements provides you with the owner’s change in capital over time?

  • The Statement of Equity
  • The Income Statement
  • The Statement of Cash Flow
  • The Balance Sheet

14. Which of the following financial statements shows the balances of a company’s assets, equity, and liability?

  • The Statement of Cash Flow
  • The Statement of Equity
  • The Income Statement
  • The Balance Sheet

15. Which of the following financial statements provides aggregate data regarding all cash inflows a company receives from its ongoing operations and external investments?

  • The Statement of Cash Flow
  • The Balance Sheet
  • The Income Statement
  • The Statement of Equity

16. A seasonal business like Lou’s Landscaping can have decreased cash during off-season months. Which financial statement would show the cash inflows and outflows for a particular month?

  • Cash Flow Statement
  • Income statement
  • Balance Sheet
  • Statement of equity

17. Which of these accounts would have a balance of $0 at the beginning of each new accounting period?

  • Cash
  • Long-term loan payable
  • Revenue
  • Accounts receivable

18. A business owner performs a service and is paid when the job is performed. The owner would then enter this transaction into accounting software as:

  • A Sales Receipt
  • A Bank Deposit
  • An Invoice
  • A Credit Memo

Shuffle Q/A 2

19. A business owner performs a service but is not paid when the job is performed. Using their accounting software, the owner would enter the transaction as:

  • A Bank Deposit
  • A Sales Receipt
  • A Credit Memo
  • An Invoice

20. True or False: The ending cash balance on the Statement of Cash Flow should not equal the cash balance reported on the Balance Sheet.

  • True
  • False
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