unit 8

1. would not have any effect on the income statement.

• The income statement

• The balance sheet

• Drawings made by the owner

• Financial statements

Refer to the report on the results of operations and changes in financial position.

• financial statements

• the cost of sales

• gross profit

• statement of financial position

Provides information about the results of the business operation

• the income statement

• the balance sheet

• the cost of sales

• financial statememt

Provides information about the resources acquired by the firm, including where the resources come from

• the balance sheet

• the income statement

• highly skilled employees

• the accounting period

Is the excess net sales over cost of goods sold for a period

• Gross profit

• Statement of financial position

• The accounting period

• Highly skilled employees

Refers to price paid for the goods sold

• the cost of sales

• beginning merchandise inventory

• gross profit

• drawings made by the owner

Is the cost of unsold merchandise at the beginning of the period

• beginning merchandise inventory

• gross profit

• statement of financial position

• the accounting period

Is another term for balance sheet

• statement of financial position

• the accounting period

• beginning merchandise inventory

• the income statement

Is not reported in a company's financial statements

• highly skilled employees

• drawings made by the owner

• financial statements

• income statements

May best be described as the time span covered by the income statement

• the accounting period

• the income statements

• the balance sheet

• the cost of sales