Financial Statement QUIZ

financial statements

Quiz

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There is a mistake in the report that must be reviewed and corrected

The owner’s claim to the assets of the business have grown.

The owner’s claims to the assets of the business have been decreased.

An Increase in the Statement of Changes in the Owner's Equity Means......

1/5

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The Statement of Changes in Owner's Equity.....

2/5

Summarizes changes in the owner’s capital account as the result of business transactions that occur during the period

Reports the net income or net loss for a specific period of time.

Report the assets of the business and the claims against them on a specific date.

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The information required to prepare the Changes in Owner's Equity statement is taken from....

3/5

The balance sheet section of the work sheet and the income statement

The balance sheet section of the work sheet, the income statement and the general ledger.

The balance sheet section of the worksheet and the general ledger

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4/5

The Income Statement is prepared using information from ......

General Journal

Ledger

Worksheet

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The Income Statement is the first financial statement that shows....

5/5

The Net Income or Loss for a period of time

The Net Income or Loss for a specific date

The Net Income of the company

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