3 Written Questions
3 Multiple Choice Questions
- The difference between total revenue and total expenses when total expenses is greater.
- A financial statement that reports assets, liabilities, and owner's equity on a specific date.
- The length of time for which a business summarizes and reports financial information.
2 True/False Questions
net income → The difference between total revenue and total expenses when the revenue is greater.
income statement → A columnar accounting form used to summarize the general ledger information needed to prepare the financial statements.