Question #1: Completion of Annual statement 13 (points for correct categorization of Revenue, Expenses and calculations) Complete an Annual statement of Revenue and Expenses with the following information: Office Supplies $1500.00 Rent $12,300.00 Payroll $153,984,00 Insurance $3,800.00 Donations $13,500.00 Internet $13,000.00 Phones $900.00 Bank charges S673.00 Audit $12,000.00 Government funding $180,000.00 Book sales S550.00 Sponsorships $3,000.00 Travel $1.483.00 Membership fees $550.00 Professional development S3500.00 Workshop fees $9,500.00 Fundraising S16,450.00 Photocopier lease $1800.00 Postage $445.00 Computers/technology $5,380.00 Promotions $462.00 Board/Committee Expenses $135.00 Miscellaneous Income $50.00 Resources $678.00 Contractors $8900.00 Revenue Total Income Expenses Question #2 How much of your total expenses are paid to wages in percentage terms? /2 (points for correct calculation, and correct response) Total Income / Wages Question #3 Please match the correct term with the matching definition using the #number 15 1. Equity Money you spend. The cost of operations related to your income, e.g. office supplies, rent. 2. Income Your overall total worth 3. Liability Things you owe. The obligations and debts you owe, e.g. money owed on a loan. 4. Expenses # _Things you own. Property or money you already have, e.g. property, vehicles S. Asset Money you receive, e.g. funding, fundraising, donations, monies for services Question #4 What is the difference between Managerial Accounting and Financial Accounting? 12 Question #5 List two reasons why financial statements are important. 12 1