Corporation Financial Statements Quiz

Liabilities that are due within a year

• Long term liabilities
• Current liabilities

The revenue remaining after cost of merchandise sold has been deducted

• Gross profit on sales
• Balance sheet

Liabilities owed for more than a year

• Current liabilities
• Long term liabilities

Total sales less sales discount and sales returns and allowances

• Net sales
• Gross sales

A financial statement that shows changes in a corporation's ownership for a fiscal period

• Balance sheet
• Statement of stockholder's equity

A financial statement which shows how a business incurs its revenue and expenses; and also shows a net income or net loss

• Income Statement
• Balance Sheet

A financial statement which provides information on a company's assets, liabilities, and owner's equity for a specific date

• Balance sheet
• Income statement