Dr. Mishari Alfraih -- Quiz # 3

6 Questions

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Dr. Mishari Alfraih -- Quiz # 3

Accounting 203 -- Quiz # 3


Questions and Answers
  • 1. 
    The financial statement that reports assets, liabilities, and owner's equity is the:
    • A. 

      Income statement

    • B. 

      Owner’s equity statement

    • C. 

      Balance sheet

    • D. 

      Statement of cash flow

  • 2. 
    Assets - liabilities =
    • A. 

      Expenses

    • B. 

      Owner's equity

    • C. 

      Revenues

    • D. 

      Cash

  • 3. 
    Liabilities + Owner's equity =
    • A. 

      Expenses

    • B. 

      Assets

    • C. 

      Revenues

    • D. 

      Cash

  • 4. 
    The financial statement that reports revenues and expenses is the:
    • A. 

      Income statement

    • B. 

      Owner’s equity statement

    • C. 

      Balance sheet

    • D. 

      Statement of cash flow

  • 5. 
    The left side of an account is called:
    • A. 

      Debit

    • B. 

      Journal

    • C. 

      Credit

    • D. 

      Asset

  • 6. 
    The right side of an account is called:
    • A. 

      Debit

    • B. 

      Journal

    • C. 

      Credit

    • D. 

      Asset