6)
A) Income statement
7)
A) Net loss is what you get when expenses exceed revenues.
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E) Expenses are incurred to earn revenue.
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B) Revenues are generated when companies sell their products and services.
business earned a profit and also lists 6) The financial statement that reports whether the the...
1. The balance sheet lists which of the following? a. revenues, expenses, gains, and losses b. assets, liabilities, and owners’ equity c. revenues, expenses, gains, and distributions to owners d. assets, liabilities, and investments by owners 2. Exchanges of assets for assets have what effect on equity? a. There is no relationship between assets and equity b. increase equity c. may have no impact on equity d. decrease equity 3. Identify the correct components of the income statement. a. revenues,...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question 1) Which of the following statements is TRUE for a proprietorship? 1)_ A) The business records include the proprietor's personal finances. B) For accounting purposes, a proprietorship is separate from the proprietor C) Legally, a proprietorship is separate from the proprietor. D) All statements are correct. 2) Revenues are: A) increases in retained earnings resulting from delivering goods or services to customers B) decreases in...
The statement of cash flows reports: A. Assets, liabilities, and equity. B. Revenues, gains, expenses, and losses. C. Cash inflows and cash outflows for an accounting period. D. Equity, net income, and dividends. E. Changes in equity.
Which of the following statements regarding financial reports is correct?Select one:a. A balance sheet contains assets, liabilities, and stockholders' equity informationb. A statement of stockholders' equity reports revenues, net income, and expense informationc. An income statement shows revenues and dividends.d. A statement of cash flows shows cash inflows and outflows from operating investing, and manufacturing activities
11. The statement of financial position identity is written out as: 65 (5 Points) a. Costs = Benefits b. Assets = Liabilities + Owners' Equity c. Net Income = Revenues Expenses d. Cash Flow = Net Income + Depreciation e. Net Working Capital = Current Assets - Current Liabilities
e1-19 E1-19 Using accounting vocabulary Consider the following accounting terms and definitions, and match each term to the definition: Learnin 1. Accounting equation a. An economic resource that is expected to be of benefit in the future 2. Asset b. Debts that are owed to creditors 3. Balance sheet c. Excess of total expenses over total revenues 4. Expense d. Excess of total revenues over total expenses 5. Income statement 6. Liability e. The basic tool of accounting, stated as...
The statement of cash flows is: 11 Multiple Choice 3 points 92:27:30 A financial statement that reports the cash inflows and cash outflows for an accounting period, and that classifies those cash flows as operating activities, investing activities, or financing activities. Another name for the statement of financial position. A financial statement that presents information about changes in equity during a period A financial statement that lists the types and amounts of the revenues and expenses of a business for...
TOMEWORK. Chapter I Momework Score: 0 of 1 pt 5 of 8 (6 complete) E1-19 (book/static) HW Score: 37.82 Consider the following accounting terms and definitions, and match each term to the definition: (Click the icon to view the definitions.) (Abbreviations used: Stmt. = Statement, ret. = retained, beg. = beginning.) Term Definition 1. Accounting equation 2. Asset 3. Balance sheet a. An economic resource that is expected to be of benefit in the future b. Debts that are owed...
An income statement reports the assets, liabilities, and stockholders' equity at a specific date. reports the changes in assets, liabilities, and stockholders' equity over a period of time. presents the revenues and expenses for a specific period of time. summarizes the changes in retained earnings for a specific period of time.
11. (LO 3) Which financial statement reports assets, liabilities, and stockholders' equity? a. Income statement. oblolos b. Retained earnings statement.lt c. Balance sheet. d. Statement of cash flows.