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of 8 available terms

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3 Written Questions

3 Multiple Choice Questions

  1. The difference between total revenue and total expenses when total expenses is greater.
  2. A financial statement that reports assets, liabilities, and owner's equity on a specific date.
  3. The length of time for which a business summarizes and reports financial information.

2 True/False Questions

  1. net incomeThe difference between total revenue and total expenses when the revenue is greater.

          

  2. income statementA columnar accounting form used to summarize the general ledger information needed to prepare the financial statements.

          

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