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1-The income statement is for a point in time...

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Question

Accounting

1-The income statement is for

a point in time (i.e. December 31)
a periods of time (i.e. a year)
Both of these
Neither of these

2-Which of the following is considered a liability on the balance sheet?

a) Accounts Receivable
b) Prepaid Expenses
c) Common Stock
d) Accounts Payable

3-An increase in sales

Increases profits
Decreases profits
Has not impact on profits
Depends

4-The balance sheet is for

a point in time (i.e. December 31)
a periods of time (i.e. a year)
Both of these
Neither of these

5-The balance sheet equation is Assets = Sales - Expenses

True

False

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