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Flashcards in Financial Statements Deck (11)
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1

The ________ reports revenues and expenses for a period of time such as a year or a month

Income Statement

 

The income statement is one of the three primary financial statements used to assess a company’s performance and financial position (the two others being the balance sheet and the cash flow statement). The income statement summarizes the revenues and expenses generated by the company for the reporting period.

2

Does the heading of a balance sheet indicate a period of time or a point in time?

3

Which financial statement's structure is closest to that of the basic accounting equation?

Balance Sheet

 

Assets = Liabilities + Owner's Equity

(ALOE)

4

Does the heading of a income statement indicate a period of time or a point in time?

Period of time

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11

The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the

Balance Sheet

 

The financial statement of a business or institution that lists the assets, debts, and owners' investment as of a specific date. Assets are ordered according to how soon they will be converted into cash, and debts according to how soon they must be paid.