Professional Documents
Culture Documents
Date .
Chapter 20 Test
a.
b.
c.
d.
e.
f.
g.
h.
Chart
of
accounts
Income
statement
Liabilities
Cash
flow
Balance
sheet
Sales
journal
Owners
equity
Fiscal
year
B.
In
the
space
at
the
left,
write
the
letter
of
the
choice
that
best
completes
the
statement
or
answers
the
question.
_____
9.
All
U.S.
businesses
use
this
system
for
accounting.
a.
credit
union
guidelines
c.
GAAP
b.
trade
credit
agency
rules
d.
EEOE
_____
10.
These
statements
summarize
the
results
of
your
business
operation
and
provide
a
picture
of
its
financial
position.
a.
financial
reports
c.
accounts
payable
reports
b.
current
asset
journals
d.
owners
equity
documents
_____
11.
Anything
of
value
that
a
business
owns
is
called
a(n)
a.
curtail
liabilities.
c.
liability.
b.
fixed
costs.
d.
asset.
_____
12.
The
amount
your
business
owes
to
creditors
is
the
a.
variable
costs.
c.
owners
equity.
b.
assets.
d.
accounts
payable.
_____
13.
Posting
to
this
will
keep
your
account
balances
accurate.
a. Income
statement
c.
general
ledger
b. Pro
forma
income
statement
d.
ratio
analysis
report
C.
In
the
space
provided,
write
the
word
(or
words)
from
the
list
that
will
best
complete
each
statement.
Double-entry
Accounting
p eriod
liabilities
assets
debits
Income
statement
credits
owners
equity
14.
The
________________________
can
be
a
month
or
quarter,
but
the
most
common
is
a
year.