Review Problems for Exam 1
1) If equity is $300,000 and liabilities are $192,000, then assets equal:
2) The basic financial statements include all of the following
3) The financial statement that reports whether the business earned a profit and also lists the
revenues and expenses is called the:
4) A balance sheet lists:
5) The record of all accounts and their balances used by a business is called a:
B) Book of original entry.
C) General Journal.
D) Balance column journal.
E) Ledger (or General Ledger).