Financial Statements

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The Financial Statement that summarizes the Revenues and Expenses for a period of time is the ?
1. Balance Sheet
2. Income Statement
3. Capital Statement
4. None of the Listed Answers is Correct
The Statement that summarizes all the Changes in Owner's Equity during a period of time is the Capital Statement.
1. True
2. False
Net Income or Profit results when Expenses exceed Revenues.
1. True
2. False
The Financial Statement that shows the amount and makeup of a business's assets, liabilities, and owner's equity at a specific point in time is the ?
1. Capital Statement
2. Balance Sheet
3. Income Statement
4. Statement Of Cash Flows
All Balance Sheets have the same basic categories of Income and Expenses.
1. True
2. False
The Income Statement is often referred to as the Profit and Loss Statement.
1. True
2. False
Businesses that sell products have a special section in their Income Statements called Cost Of Goods Sold.
1. True
2. False
A Balance Sheet is a "picture" of a business's financial position at a specific point in time.
1. True
2. False
A Balance Sheet is also known as a Statement of Financial Position.
1. True
2. False
The Income Statement is a "formal" representation of the Accounting Equation.
1. True
2. False