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 reduces a ____________ 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: _______________ - ________________= Net Income.
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 asset account.
2. When you pay cash to buy supplies, you increase a liability account.
3. When you purchase investments, you increase a revenue account.
4. When you pay back the loan from the bank, you increase a liability account.

9. Identify the following accounts as an Asset, Liability, Revenue or 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 a bank loan of $1,000?
    1. $1,000 credit in current liabilities; $1,000 debit in current assets
    2. $1,000 credit in current liabilities; $1,000 debit in non-current assets
    3. $1,000 credit in non-current liabilities; $1,000 debit in current assets
    4. $1,000 credit in non-current liabilities; $1,000 debit in non-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 salaries of $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, and equity totals $32,000, then what must be the total of the assets?

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 reported on 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