Reference no: EM132660097
Problem 1: The financial statement that reports whether the business earned a profit and also lists the revenues and expenses is called the:
A. Balance sheet.
B. Statement of owner's equity.
C. Statement of cash flows.
D. Income statement.
E. Statement of financial position.
Problem 2: A balance sheet lists:
A. The types and amounts of the revenues and expenses of a business.
B. Only the information about what happened to equity during a time period.
C. The types and amounts of assets, liabilities, and equity of a business as of a specific date.
D. The inflows and outflows of cash during the period.
E. The assets and liabilities of a company but not the owner's equity.
Problem 3: A record of the increases and decreases in a specific asset, liability, equity, revenue, or expense is known as a(n):
A. Journal.
B. Posting.
C. Trial balance.
D. Account.
E. Chart of accounts.
Problem 4: The record of all accounts and their balances used by a business is called a:
A. Journal.
B. Chart of accounts.
C. General Journal.
D. Balance column journal.
E. Ledger (or General Ledger).
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