1. Introduction to Accounting

How are items typically classified on the income statement?

Which of the following accounts is correctly matched with its proper balance sheet classification?

Which of the following best describes the effect of recording sales on account on the balance sheet?

Given the following partial information from the comparative balance sheet of Levi Corporation, which financial statement would most likely use this information to determine the change in cash during the period?\begin{align*}\text{Assets (beginning of year):} & \quad \$120,000 \\\text{Assets (end of year):} & \quad \$135,000 \\\text{Liabilities (beginning of year):} & \quad \$50,000 \\\text{Liabilities (end of year):} & \quad \$60,000 \end{align*}

All of the following are general-purpose financial statements except:

Given the following data for Shilow Company: \begin{align*}\text{Sales Revenue} &= \$120,000 \\\text{Cost of Goods Sold} &= \$70,000 \\\text{Operating Expenses} &= \$30,000 \end{align*}What is the company's net income for the period?

Which of the following best describes what the income statement shows?

Where is the time period covered by the income statement typically found?

Financial statements are prepared from a(n):

Which of the following best describes the accounting cycle?

Which of the following statements about assets reported in the balance sheet is true?

In retail businesses, how is inventory typically reported on the financial statements?

Which of the following documents summarize the financial performance and position of a company? (Select one)

Preparing financial statements is which phase of the accounting cycle?

Which financial statement would you consult to find information about a company's revenues and expenses for a specific period?