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The Financial Statements quiz #10 Flashcards

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The Financial Statements quiz #10
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  • What does an income statement report?
    An income statement reports revenues, expenses, and net income or loss for a period.
  • What types of accounts are shown on the balance sheet?
    The balance sheet shows asset, liability, and equity accounts.
  • Which accounts are found on an income statement?
    Revenue and expense accounts are found on an income statement.
  • Which account appears on the balance sheet?
    Asset, liability, and equity accounts appear on the balance sheet.
  • Which items belong on the income statement?
    Revenues and expenses belong on the income statement.
  • On which financial statement does accounts receivable appear?
    Accounts receivable appears on the balance sheet as an asset.
  • Which account does not appear on the balance sheet?
    Revenue and expense accounts do not appear on the balance sheet.
  • Which account does not appear on the balance sheet?
    Revenue and expense accounts do not appear on the balance sheet.
  • Which item would not be found on an income statement?
    Assets, liabilities, and equity accounts would not be found on an income statement.
  • Which of the following is not a balance sheet account?
    Revenue and expense accounts are not balance sheet accounts.
  • Which accounts are found on the income statement?
    Revenue and expense accounts are found on the income statement.
  • Which accounts are found on the income statement?
    Revenue and expense accounts are found on the income statement.
  • Which accounts are found in an income statement?
    Revenue and expense accounts are found in an income statement.
  • Which account is not on the balance sheet?
    Revenue and expense accounts are not on the balance sheet.
  • Which account does not appear on a balance sheet?
    Revenue and expense accounts do not appear on a balance sheet.
  • Which does not appear on a balance sheet?
    Revenue and expense accounts do not appear on a balance sheet.
  • What does a balance sheet provide?
    A balance sheet provides a snapshot of a company's assets, liabilities, and equity at a specific point in time.
  • Which accounts are found on an income statement?
    Revenue and expense accounts are found on an income statement.
  • Which accounts are found on an income statement?
    Revenue and expense accounts are found on an income statement.
  • What is the purpose of a balance sheet?
    The purpose of a balance sheet is to show a company's assets, liabilities, and equity at a specific point in time.
  • What accounts are found in an income statement?
    Revenue and expense accounts are found in an income statement.
  • What is the purpose of an income statement?
    The purpose of an income statement is to report a company's revenues, expenses, and net income or loss for a period.
  • What is another name for the income statement?
    Another name for the income statement is the statement of earnings or statement of operations.
  • What is another name for the income statement?
    Another name for the income statement is the statement of earnings or statement of operations.
  • What is the best description of a balance sheet?
    A balance sheet is a financial statement that provides a snapshot of a company's assets, liabilities, and equity at a specific point in time.
  • How often should a balance sheet be prepared?
    A balance sheet should be prepared at the end of each accounting period, such as monthly, quarterly, or annually.