Accounting Self-Assessment Quiz

Name:_________________________ Period:____ Date:_________ Glencoe Accounting (First-Year Course) Chapter 9, Section 2

1.	The heading for the statement of changes in owner`s equity contains
		name of the business, name of the statement, and period covered
		name of the business, name of the statement, and current date
		name of the business, current date, and period covered
		name of the business, name of the owner, and period covered

2.	On which of the following statement or statements will Pappy`s net income appear?
		income statement
		statement of changes in owner`s equity
		balance sheet and statement of changes in owner`s equity
		income statement and statement of changes in owner`s equity

3.	To prepare a statement of changes in owner`s equity you need to know
		the owner`s name
		the date the company started
		the beginning balance in the capital account
		the address of the company

4.	The statement of changes in owner`s equity is prepared
		as needed
		as a supporting document for the income statement
		as a supporting document for the balance sheet
		only if there is net income

5.	The first line of a statement of changes in owner`s equity is the
		net income
		owner`s investments
		owner`s withdrawals
		beginning capital

6.	The balance in Pappy`s capital account at the end of the period was
		$32,320
		$32,000
		$23,000
		$64,640

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. During the period Pappy invested an additional $9,000 in the business. The beginning capital balance was
		$32,000
		$23,000
		$9,000
		$73,640