Financial Statements Quiz

The direct costs attributable to producing the goods sold by a company.

The value of unsold inventory at the end of an accounting period.

Customers who owe money to a company for goods or services purchased on credit.

A concise overview of a company's financial position and performance.

An accounting entry that increases asset, expense, and dividend accounts, or decreases liability, owner's equity, and revenue accounts.

An accounting entry that increases liability, owner's equity, and revenue accounts, or decreases asset, expense, and dividend accounts.

Mistakes in a trial balance, leading to discrepancies in total debits and credits.

Resources owned by a business, like cash, inventory, and equipment.

Amounts owed by a business, obligations to others.

The owner's investment in the business, a liability.

Money owed to a business by customers for goods or services.

Amounts that a business owes to others.

A summary of all general ledger accounts; debits and credits must balance.

Value of unsold goods at the end of an accounting period.

Direct costs associated with producing goods or services sold.

Revenue generated from sales of goods or services.