Extra Acct

Question 1

describes a company’s revenues and expenses and computes net
income (profit) or loss over a period of time.

Answer 1

Income statement —

Question 2

reports how retained earnings changes from net
income (or loss) and from any dividends over a period of time.

Answer 2

Statement of retained earnings

Question 3

describes a company’s financial position (types and amounts of assets,
liabilities, and equity) at a point in time

Answer 3

Balance sheet

Question 4

— identifies cash inflows (receipts) and cash outflows
(payments) over a period of time.

Answer 4

4. Statement of cash flows

Question 5

fees earned

Answer 5

revenue

Question 6

dividends

Answer 6

EQ

Question 7

salaries expense

Answer 7

Expense

Question 8

accounts receivable

Answer 8

Asset

Question 9

Debit

Answer 9

Assets Expenses , Dividents

Question 10

Credit

Answer 10

Liabilities, Common stock a Revenue

Question 11

income statement.

Answer 11

Revenue, expenses and net income

Question 12

Identify which items belong on the statement of retained earnings.

Answer 12

Dividends, beginning retained earnings, ending retained earnings

Question 13

Identify which items belong on the balance sheet

Answer 13

Cash, accounts receivable, and common stock

Question 14

Assets = Liabilility + Equity

Answer 14

Balance Sheet

Question 15

lists all ledger accounts and their balances at a point in time. If the
books are in balance, the total debits will equal the total credits

Answer 15

Trial Balance

Question 16

lists all ledger accounts and their balances at a point in time. If the
books are in balance, the total debits will equal the total credits

Question 17

r is a record of all accounts used by the company

Answer 17

general ledger

Question 18

is a list of all accounts and includes an identifying number for each
account.

Answer 18

Chart of accounts

Question 19

represents a ledger account and is used to show the effects of one or more
transactions.

Answer 19

T account