1. The Balance Sheet provides information about _____________,____________ and ______________.
2. Cash paid this is owed to an individual reduces a _____________account.
3. Supplies purchases increase a _____________ account and reducesa ____________ account.
4. Complete the following table:

Account	Debit	Credit
	Increase	Decrease
	Increase	Decrease
	Decrease	Increase
	Decrease	Increase
	Decrease	Increase

5. Which of the following is not a Liability?

1. Money owed to bank
2. Cash borrowed from a friend
3. Money borrowed from bank to buy building
4. Money paid to purchase stock investments

6. Finish the equation: _______________ - ________________= NetIncome.
7. Which of the following statements is false?
   1. When assets decrease, it is a credit.
   2. When liabilities decrease, it is a debit.
   3. When expenses increase it is a credit.
   4. When revenues decrease, it is a debit

8. Which of the following statements is true?

1. When you receive a loan from the bank, you increase an assetaccount.
2. When you pay cash to buy supplies, you increase a liabilityaccount.
3. When you purchase investments, you increase a revenueaccount.
4. When you pay back the loan from the bank, you increase aliability account.

9. Identify the following accounts as an Asset, Liability, Revenueor Expense

1. Salaries Payable
2. Fees earned from providing tax services
3. Advertising Bill
4. Long-term debt
5. Accrued Revenue
6. Prepaid Rent
7. Land
8. Supplies used during the month
1. Notes Receivable
10. Inventory
11. Cash
50. Vehicles
1000. Cash paid for a bill that is not yet due
14. Payment received from customer
15. Fees paid to bank

10. Which of the following is not a current asset?
    1. Cash
    2. Accounts payable
    3. Inventory
    4. Property, plant, and equipment
11. What is the entry on the balance sheet when a company borrows abank loan of $1,000?
    1. $1,000 credit in current liabilities; $1,000 debit in currentassets
    2. $1,000 credit in current liabilities; $1,000 debit innon-current assets
    3. $1,000 credit in non-current liabilities; $1,000 debit incurrent assets
    4. $1,000 credit in non-current liabilities; $1,000 debit innon-current assets
12. What happens to the balance sheet when a company makes sales of$500, of which $300 is paid in cash and $200 is sold on credit?
    1. $300 debit in cash; $200 debit in accounts receivable
    2. $300 credit in cash; $200 credit in accounts receivable
    3. $300 debit in cash; $200 debit in accounts payable
    4. $300 credit in cash; $200 credit in accounts payable

13. What happens to the balance sheet when a company pays salariesof $5,000?
    1. $5,000 credit in cash; $5,000 debit in accounts payable

2. $5,000 credit in cash; $5,000 debit in equity

3. $5,000 debit in cash; $5,000 credit in equity

4. $5,000 credit in cash; $5,000 debit in accounts receivable

14. If at the end of the month, the liabilities total $18,000, andequity totals $32,000, then what must be the total of theassets?  

1. $14,000
2. $18,000  
3. $32,000  
4. $50,000  
5. None of the above

15. The total assets and total liabilities of a firm are reportedon which of the following?  

1. Income statement  
2. Balance sheet  
3. Statement of cash flows  
4. Statement of owner's equity  
5. None of the above