Accounting

True or False

If revenues are greater than expenses, you have a net loss.

• True

• False

True or False

If expenses are greater than revenues, you have a net loss.

• True

• False

True or False

A balance sheet is prepared for a specific date.

• True

• False

True or False

An income statement is prepared for a period of time.

• True

• False

True or False

Temporary accounts are "closed out" at the end of the year.

• True

• False

True or False

Revenues - Expenses = Owner's Equity

• True

• False

True or False

A balance sheet shows the net income or loss of a business.

• True

• False

True or False

An income statement shows the assets, liabilities, and owner's equity of a business.

• True

• False

Cash would be classified as a(n)

• asset

• liability

• owner equity

• revenue

Accounts payable would be classified as a(n)

• asset

• liability

• owner equity

• expense