ICE ICE BRAKER

Front

The balance sheet shows a company's revenues and expenses.

Back

FALSE

Front

A debit increases an asset account.

Back

TRUE

Front

Liabilities are debts owed by the business.

Back

TRUE

Front

The income statement is used to determine a company’s profitability over a specific period.

Back

TRUE

Front

An increase in an expense account is recorded as a credit.

Back

FALSE

Front

Accounts payable is a liability account.

Back

TRUE

Front

Retained earnings are reported on the income statement.

Back

FALSE

Front

Depreciation is a method used to allocate the cost of an asset over its useful life.

Back

TRUE

Front

A credit increases an expense account.

Back

FALSE

Front

The cash flow statement provides information about the inflows and outflows of cash.

Back

TRUE