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