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  3. which of the below is not a financial statement?

Which of the below is NOT a financial Statement? Profit & Loss Statement Statement...

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Accounting

  1. Which of the below is NOT a financial Statement?
    1. Profit & Loss Statement
    2. Statement of Owners Equity
    3. Balance Sheet
    4. Bank Reconciliation Statement
    5. Cash Flow Statement

  1. A Trial Balance is a report containing the normal balances of the ledger accounts in the following order: Assets (in order of liquidity), Liabilities (from short term to long term), Capital, withdrawals, revenues and expenses.
    1. True
    2. False

  1. GAAP Stands for?
    1. Generally Accepted Accounting Procedures
    2. Generally Accepted Accounting Policies
    3. Generally Accepted Accounting Parameters
    4. Generally Accounting Accredited Partners
    5. None of the above.

  1. A Bank Reconciliation is a report explaining any similarities between the balance per bank (Bank Statement) and the balance per books (Accounting Software). These similarities also called reconciling items can be deposits in transits and outstanding checks.
    1. True
    2. False

  1. An adjusting entry to record a previously booked unearned revenue now being earned would be as follows:
    1. Dr. Revenue and Cr. Unearned Revenue
    2. Dr. Accounts Receivable and Cr. Revenue
    3. Dr. Unearned Revenue and Cr. Revenue
    4. Dr. Accounts Payable and Cr. Revenue

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