1. Introduction to Accounting

Which of the following terms is commonly used to describe an income statement?

Which of the following best describes what the statement of owner's equity reports?

A statement of stockholders' equity lists balances of which of the following accounts?

In financial accounting, what is another common name for the income statement?

Which of the following correctly shows the basic format of a balance sheet?

Which two aspects of your business records are most vital to manage for accurate financial statements?

Which of the following best describes what the income statement shows?

Which of the following accounts appears on the statement of stockholders' equity?

Which of the following is NOT one of the four primary financial statements?

Which of the following financial statements shows a firm's financial position on a particular date?

Given that a company's balance sheet shows total assets of \$400{,}000 and total equity of \$350{,}000, what is the amount of total liabilities?

Which of the following is most associated with financial accounting reports?

Woods Construction has the following account balances at the end of the year: Cash \$12,000; Accounts Receivable \$8,000; Equipment \$25,000; Accounts Payable \$5,000; Common Stock \$30,000; Retained Earnings \$10,000. What is the total amount of assets reported on the company's balance sheet?

Which of the following financial statements are normally included in public reports?

On which of the four major financial statements would you find the amounts for common stock and paid-in surplus?