Introduction to Income Statement and Balance Sheet

Where does the accounts amount come from on the trial balance?

• general journal
• general ledger
• worksheet
• None of the Above

Which accounts are listed on the trial balance?

• assets, liabilities and owner's equity
• income and expenses
• assets, liabilities, income, expenses, capital and drawing accounts
• assets, liabilities and expenses

What is the column accounting form used to summarize the general ledger information needed to prepare a financial statement?

• trial balance
• worksheet
• None of the Above

A financial statement that reports assets, liabilities, and owner's equity on a specific date.

• income statement
• worksheet
• balance sheet

The financial statement that reports revenue and expenses on a specific date.

• worksheet
• balance sheet
• income statement
• None of the Above

The first line of the title of the worksheet is 

• Worksheet
• Date
• Owner's name
• None of the Above

The Income Statement lists a business's:

• Assets and Expenses
• Owner's Equity and Revenue
• None of the Above
• Expenses and Net Assets

An expense is...

• Money a business spends on the general operation of a business
• the money the business owes to Other organizations and people
• Money owed to the Business
• None of the above

An income statement is

• A way of listing Sales, Cost of Goods Sold and Expenses.
• Another word for 'Gross Profit'
• Same as the Balance Sheet
• None of the above.

Which of the following is NOT a way to successfully track your income and expenses?

• Mental Notes
• Smartphone
• Writing it in a Notebook
• Bank Statements