Platinum Entrep Quiz

The reports submitted to the owner of the business at the end of the accounting period. 

A financial statement showing the details of the revenue, expenses, net income or net loss of operations in a given period.

Accounting values shown in the income statement is called _____________.

Temporary accounts recorded in the income statement are the ___________ and ____________.

Statement of Owner’s Equity is also known as _________________.

It is a summary of the transactions affecting the capital account balance.

Capital statement increases _________ and ________________.

Capital statement decreases ____________ or ______________.

It is a financial statement that contains details of a company’s assets or liabilities at a specific period in time.

Another term used for Balance Sheet