Income Statement

Front

The financial statement that reports net income or net loss

Back

Income Statement

Front

Drawing a double line does not apply to the Income Statement

Back

False

Front

To prepare an Income Statement financial statement, you take the information from which columns of the work sheet?

Back

Income Statement

Front

Which Financial Statement identifies a company's financial position?

Back

Balance Sheet

Front

Which is not included on the income statement? Options: heading, revenue for the period, liabilities for the period, Profit and loss

Back

liabilities for the period

Front

Which statement shows how the owner’s financial interest changes during the accounting period? Options: Balance Sheet, Statement of Cash Flows, Statement of Changes in Owner's Equity, Profit-and-Loss Statement

Back

Statement of Changes in Owner's Equity

Front

Managers and owners use these to make their business decisions: The Work Sheet, Financial Statements, Accounting Equation, The Trial Balance

Back

Financial Statements

Front

An expense is..

Back

money a business spends on the general operation of business

Front

When creating an income statement, the interest on a loan is

Back

Expense

Front

What happens to the retained profit in the income statement?

Back

Transferred and added to capital in balance sheet