The financial statement that should be completed first is the

(5pts)

Question 4 - The financial statement that should be completed first is the

	Statement of Financial position
	Balance Sheet
	Income statement
	Statement of owners equity

Which of the following best describes accounting?

(5pts)

Question 1 - Which of the following best describes accounting?

	Records economic data but does not communicate the data to users according to any specific rules
	Is an information system that provides reports to stakeholders
	Is of no use by individuals outside of the business
	Is used only for filling out tax returns and for financial statements for various type of governmental reporting requirements.

Unearned revenue is reported as a(n)

(5pts)

Question 6 - Unearned revenue is reported as a(n)

	current liability on the balance sheet.
	contra-asset account on the chart of accounts.
	owner's equity account on the work sheet.
	asset on the balance sheet.