1. Introduction to Accounting

Which of the following is the first step in the accounting cycle?

A financial statement of a firm's current assets and liabilities is called a(n):

Which type of financial statements display financial amounts in side-by-side columns on a single statement?

If a company's balance sheet shows total assets of \$400{,}000 and total liabilities of \$150{,}000, what is the amount of shareholders' equity?

An account balance shows _____.

Which item is transferred from the income statement to the statement of retained earnings?

Which financial statement lists the assets, liabilities, and equity of an organization as of a specific date?

Which financial statement should Sasha use to view the company's Accounts Receivable balance as of a specific date?

When creating the income statement, which of the following is typically reported as the final line item?

On which financial statement would the Dividends account appear?

Which of the following accounts is classified as a liability on the financial statements?

Which one of the following statements concerning the balance sheet is correct?

For each of the following items, indicate to which category of elements of financial statements it belongs. Which of the following is classified as an asset?

Which financial statement reports a company's revenues and expenses over a specific period, showing the results of its operating activities?

Which function of financial statements is the most important for entrepreneurs?