Accounting Self-Assessment Quiz

Name:_________________________ Period:____ Date:_________ Glencoe Accounting (First-Year Course) Chapter 9, Section 1

1.	The heading contains three parts, which are
		the owner`s name, address, and phone number
		the company name, report name, and period covered
		the company name, address, and period covered
		the owner`s name, company name, and period covered

2.	If revenue exceeds expenses, a company has
		net loss
		net income
		fiscal security
		hair net

3.	The information needed to prepare the income statement comes from
		the balance sheet
		the general ledger
		the income statement section of the work sheet
		the trial balance section of the work sheet

4.	The reports prepared to summarize changes resulting from business transactions that occur during an accounting period are called
		transaction summary
		business statements
		financial indicators
		financial statements

5.	The primary reports prepared for a sole proprietorship are a
		balance sheet and income statement
		income statement and transaction summary
		statement of owner`s equity and bed sheet
		work sheet and balance sheet

6.	A profit and loss statement is also known as
		an income statement
		a revenue statement
		an earnings statement
		A and C

7.	Pappy`s Tugboat Service has reported the following information: Assets $34,819, Liabilities $2,499, Capital $32,000, Withdrawals $1,000, Revenue $3,230, Expenses $1,910. The net income for the period is
		$1,320
		$64,640
		$35,320
		$3,230