Review of Financial Statements

Liabilities 

• are promises the business is planning to make
• are debts or obligations of the business from past transactions
• verbal promises made by the business from past times
• are debts or obligations of the owner made in the last week

Specific Date' in the header is required by which Financial Statement?

• Statement of Retained Earnings
• Income Statement
• Balance Sheet
• Statement of Stockholders Equity

The accounting equation is expressed as:

• None of the Above
• Assets=Liabilities-Owner's Equity
• Balance Sheet
• Assets=Liabilities + Owner's Equity

______is a financial statement that reports information about a company's revenues and expenses for a specific period.

• Income Statement
• Balance Sheet
• Statement of Cash Flows
• None of the Above

_______is the difference between total revenue and total expenses.

• Just Revenue
• Just Profit
• Profit or Loss
• "I don't know anything about that"

_________--are claims against assets (debts)

• Assets
• Depreciation
• Liabilities
• Tim's checkbook

A good way to create your balance sheet for your company is to do the following:

• Compare and Constrast your competitor's balance sheets
• Simply copy it
• Both A and B
• None of the Above

The title of the balance sheet includes: Name  of Company, Balance Sheet, and the Actual Reporting Date

• True
• False