What does the income statement measure?
Basic Vocabulary

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Professional Development
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Hard
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1.
FLASHCARD QUESTION
Front
Back
Revenue and expenses over a period of time.
Answer explanation
2.
FLASHCARD QUESTION
Front
What is the top number on the income statement?
Back
Sales or revenue.
Answer explanation
3.
FLASHCARD QUESTION
Front
How is net income calculated?
Back
Revenue minus all expenses.
Answer explanation
4.
FLASHCARD QUESTION
Front
What does the balance sheet answer?
Back
Assets, liabilities, and shareholder's equity.
Answer explanation
5.
FLASHCARD QUESTION
Front
What is the master accounting equation?
Back
Assets = liabilities + shareholder's equity.
Answer explanation
6.
FLASHCARD QUESTION
Front
How does revenue impact the balance sheet if paid in cash?
Back
Increases cash balance.
Answer explanation
7.
FLASHCARD QUESTION
Front
How does revenue impact the balance sheet if paid on credit?
Back
Increases accounts receivable.
Answer explanation
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