Kindly attempt the following questions

Accounting Assignment

1. Which financial statement displays the revenues and expenses of a company for a period of time?

A) Income Statement

B) Statement of shareholders equity

C) Cash flow statement

D) Statement of financial position

2. What is the main purpose of financial accounting?

A) Organize financial Information

B) Provide Useful Financial Information

C) Keep track of company expenses

D) Minimize company expenses

3. Which of these is not included as a separate item in the basic accounting equation?

A) Stockholders Equity

B) Assets

C) Liabilities

D) Revenues

4. Which financial statement uses the expanded accounting equation?

A) Income Statement

B) Cash flow statement

C) Statement of financial position

D) Statement of Stockholders Equity

5. The accrual basis of accounting records revenues when they are:

A) Collected/ Received

B) Earned/ Tasks completed

C) Contracted

D) When readily available for use

6. The account format that displays debits, credits, balances, and headings.

A) Ledger Account

B) T-Account

C) General Journal

D) General Ledger

7. Asset accounts have what type of balance?

A) Contra

B) Credit

C) Debit

D) None of the Above

8. Which account is not a liability account?

A) Accounts Payable

B) Accrued Expenses

C) Cash

D) Notes Payable

9. Which account increases equity?

A) Expenses

B) Treasury Stock

C) Revenues

D) Withdrawals

10. A contra asset account has what type of balance?

A) Debit

B) Credit

C) Contra

D) None of the Above