FINANCIAL ACCOUNTING W5

The correct accounting equation is ...

• Assets = Liabilities + Equity
• Assets = Liabilities - Equity
• Assets - Liabilities = Equity
• Assets + Liabilities = Equity

Which one is NOT type of financial statement?

• Balance sheet
• Cash flow statement
• Annual statement

• Income statement

In which financial statement can we find the number of assets and liabilities?

• Balance sheet
• Income statement
• Shareholders equity statement

• Cash flow statement

How to find NET INCOME?

• Net Income = Total Revenue x Total Expenses
• Net Income = Total Revenue - Total Expenses
• Net Income = Total Revenue + Total Expenses
• Net Income = Total Revenue / Total Expenses

Which of the following activities is not included in the CASH FLOW STATEMENT?

• Operating activities
• Investing activities
• Financing activities
• Entertainment activities

Which factor DOES NOT AFFECT the ending balance of equity?

• Dividend

• Beginning balance of equity

• Profit/loss

• Debt