Financial Statements

Revenue >expenses

• Ratio Analysis

• Net Income

• Net Loss

• Return on Sales

A financial statement that is a report of the final balances in all asset, liability, and owner's equity accounts at the end of the fiscal period is the

• Balance Sheet

• Statement of Changes in Owners Equity

• Income Statement

• Cash Flow Statement

The balance sheet reports financial information of a

• Income Statement

• Revenues

• Return on Sales

• Specific Date

The source of information for completing the income statement is the

• Trial Balance

• Specific Date

• Income Statement

• Income Statement of the worksheet

If you have $60,000 in revenue and $25,000 in expense, do you have a net income of loss and how much?

• Net Income, $35,500

• Net Income, $35,000

• Net Loss, $35,000

• Net Loss, $25,000

The classifications of balance sheet accounts are shown one under the other in the

• Income Statement

• Report Form

• Specific Date

• Worksheet

When expenses greater than revenue

• Net Income

• Net Loss

A financial statement that is prepared to summarize the effects on the capital account of the various business transactions that occurred during the fiscal period is called a(n)

• Statement of Changes in Owner's Equity

• Income Statement

• Balance Sheet

• Worksheet

Which of the following is not a questions asked in the financial report heading?

• Who?

• Where?

• What?

• When?

Revenue and Expenses are reported on which financial statement?

• Balance Sheet

• Income Statement

• Statement of Changes

• Cash Flow Statements