Accounting Chapter 7

Front

The date on a monthly statement of owner's equity prepared on May 31 is written as

Back

For Month Ended May 31, 20--

Front

Information needed to prepare a statement of owner's equity is obtained from a work sheet's Account Title column and

Back

Balance Sheet columns

Front

The amount of capital reported on a statement of owner's equity is calculated as

Back

Capital Account Balance + Net Income – Drawing Account Balance

Front

The date on a monthly balance sheet prepared on July 31 is written as

Back

July 31, 20--

Front

Information needed to prepare a balance sheet's Liabilities section is obtained from a work sheet's Account Title column and

Back

Balance Sheet Credit column.

Front

Dividing total expenses and net income by total revenue facilitates comparison of financial data between periods.

Back

True