Income Statement

Income Statement

11th - 12th Grade

25 Qs

quiz-placeholder

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Income Statement

Income Statement

Assessment

Quiz

Life Skills

11th - 12th Grade

Practice Problem

Hard

Created by

Magdaleeni Milonakis

Used 29+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 12 pts

The financial statement that reports net income or net loss

Income Statement

Balance Sheet

Statement of Cash Flows

Statement of Changes in Owner's Equity

2.

MULTIPLE CHOICE QUESTION

30 sec • 12 pts

Drawing a double line does not apply to the Income Statement

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 12 pts

To prepare an Income Statement financial statement, you take the information from which columns of the work sheet

Trial Balance

Balance Sheet

Income Statement

Account Names

4.

MULTIPLE CHOICE QUESTION

30 sec • 12 pts

Which Financial Statement identifies company's financial position?

Income Statement

Statement of Changes in Owner's Equity

Statement of Cash Flows

Balance Sheet

5.

MULTIPLE CHOICE QUESTION

30 sec • 12 pts

Which is not included on the income statement?

heading

revenue for the period

liabilities for the period

Profit and loss

6.

MULTIPLE CHOICE QUESTION

30 sec • 12 pts

Which statement shows how the owner’s financial interest changes during the accounting period?

Balance Sheet

Statement of Cash Flows

Statement of Changes in Owner's Equity

Profit-and-Loss Statement

7.

MULTIPLE CHOICE QUESTION

30 sec • 12 pts

Q. Managers and owners use these to make their business decisions

The Work Sheet

Financial Statements

Accounting Equation

The Trial Balance

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