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Universidad Autónoma de Nuevo León
Facultad de Contaduría Pública y Administración
Programa de Laboratoristas y Asistentes Becarios
Accounting Lab I
Nombre:____________________________________________________Grupo:____________
Matrícula: ________________________Fecha:____________________Valor:_____________
I. FIRST PART. Answer the questions.
1. Define accounting.

2. What is theAccounting Equation or the Balance Sheet Formula?

3. What is the income Statement Formula?

4. What is the Retained Earning Formula?

5. Define the next key terms.

a. Interestb. Creditor

c. Bookeping

d. Loan

6. Explain the purpose of the next Financial Statements

e. Balance Sheet

f. Income Statement

g. Statementof Changes in Owners’ Equity

h. Statement of Cash Flow

7. Participations Point (Optional). Explain the relationship between the net assets and the owners’ equity.

II. SECOND PART.Resolve the exercises.
1. Identity accounts by category and financial statement(s). Listed here are a number of financial statement captions. Indicate in the spaces to the right of each caption thecategory of each item and the financial statement(s) on which the item can usually be found. Use the following abbreviations:
Category | Financial Statement |
Asset | A | Balance Sheet | BS |Liability | L | Income Statement | IS |
Owners’ Equity | OE | | |
Revenue | R | | |
Expense | E | | |
Gain | G | | |
Loss | LS | | |
| | | |
Cash | _________________ |_________________ |
Accounts Payable | _________________ | _________________ |
Common Stock | _________________ | _________________ |
Depreciation Expense | _________________ | _________________ |Net Sales | _________________ | _________________ |
Income Tax Expense | _________________ | _________________ |
Short-term investments | _________________ | _________________ |
Retained...
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