WorksheetsFinancial Statements Review
Total questions: 12
Worksheet time: 10mins
Balance Sheet
Statement of Retained Earnings
Statement of Cash Flows
Income Statement
Income = Income - Expenses
Revenue - Expenses = Net Income (Loss)
Revenue + Expenses = Income/Loss
Expenses = Net Income + Revenue
This document communicates what the entity owns in terms of assets, what it owes in the terms of liabilities, and the difference between those two which represents what the owners of the company are entitled to.
Income Statement
Balance Sheet
What a company owes to creditors:
Assets
Liabilitites
Equity
"Assets = Liabilities + Equity" can be displayed on which financial statement?
Balance Sheet
Income Statement
Statement of Owner's Equity
Neither
What is owner's equity?
The value of the business after liabilities are subtracted from assets; the value of the owner's investment in the business.
What a company owes.
Documents that are used to record and analyze the financial performance of a business.
All income a company receives overtime.
Every financial statement has a heading that indicates the name of the company, title of the report, and the date.
True
False
If a company has more expenses than revenue for the period, it has a ____.
Net Income
Net Loss
If a company has more revenue than expenses for the period, it has a ____.
Net Income
Net Loss
