The income statement shows whether or not a business can generate enough cash to pay its liabilities. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
The balance sheet is a snapshot of the entity. Which of the following is included on the balance sheet? A) Revenues B) Expenses C) Assets D) Dividends ANSWER C
Date: September 2nd, 2020
The balance sheet shows whether or not a business is earning profits. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
Which financial statement includes a specific date in its heading? A) Statement of retained earnings B) Statement of cash flows C) Income statement D) Balance sheet ANSWER D
Date: September 2nd, 2020
Which of the following financial statements reports that total assets are equal to total liabilities plus total stockholders’ equity? A) Statement of retained earnings B) Statement of cash flows C) Income statement D) Balance sheet ANSWER D
Date: September 2nd, 2020
Which of the following appears on both the statement of retained earnings and the balance sheet? A) Ending retained earnings B) Total assets C) Total revenues D) Net income ANSWER A
Date: September 2nd, 2020
Which of the following financial statements lists the entity’s assets, liabilities, and stockholders’ equity as of a specific date? A) Balance sheet B) Statement of retained earnings C) Income statement D) Statement of cash flows ANSWER A
Date: September 2nd, 2020
Following is an extract of account balances of Wilson Mowing Services as of December 31 of the first year of operation Accounts Receivable $4,000 Accounts Payable 7,000 Salaries Expense 5,000 Repairs Expense 500 Truck 8,000 Equipment 8,000 Notes Payable 8,100 Cash 7,300 Supplies Expense 1,500 Service Revenue 31,000 Gasoline Expense 3,900 Salaries Payable 100 What […]
Date: September 2nd, 2020
Following is a list of account balances of Surburban Lawn Services as of December 31 of the first year of operation Accounts Receivable $4,000 Accounts Payable 6,000 Salaries Expense 7,000 Repairs Expense 600 Truck 10,000 Equipment 9,000 Notes Payable 8,300 Cash 7,200 Supplies Expense 1,500 Service Revenue 31,000 Gasoline Expense 3,100 Salaries Payable 300 What […]
Date: September 2nd, 2020
Financial statements are prepared after an entity’s transactions are analyzed and recorded. Which of the following reports is one of the required financial statements? A) Statement of cash flows B) Statement of return on assets C) Statement of dividends D) Expense statement ANSWER A
Date: September 2nd, 2020
