The balance sheet lists - Study guides, Class notes & Summaries

Revenues Correct Answer-Gross increase in equity from a company's business activities that earn income; also called sales. Expenses Correct Answer-Outflows or using up of assets as part of operations of a business to generate sales. Accounts Receivable Correct Answer-Amounts to be received in the future due to the sale of goods or services Accounting Equation Correct Answer-Assets = Liabilities + Equity Income Statement Correct Answer-describes a company's revenues and expenses alo...

Four financial statements in order - 1. Income Statement 2. Retained Earnings Statement 3. Balance Sheet 4. Statement of Cash Flows Balance Sheet - Reports on the assets, liabilities, and stockholders' equity of the business as of a specific date. Lists assets at the top, followed by liabilities and SE Total assets must equal total liabilities and SE Is a snapshot of the company's financial condition at a specific moment in time (usually the month-end or year-end)

Walk me through the 3 financial statements. "The 3 major financial statements are the Income Statement, Balance Sheet and Cash Flow Statement. The Income Statement gives the company's revenue and expenses, and goes down to Net Income, the final line on the statement. The Balance Sheet shows the company's Assets - its resources - such as Cash, Inventory and PP&E, as well as its Liabilities - such as Debt and Accounts Payable - and Shareholders' Equity. Assets must equal Liabilities plu...

AU 60 EXAM QUESTIONS WITH ALL CORRECT ANSWERS NEW UPDATE What are the major sources of financial data? - Answer- Major sources of financial data include the financial statements of companies and reports from financial reporting services. Why might a motor vehicle report (MVR) not be perfectly accurate? - Answer- Rs are not perfectly accurate, and many accidents or violations never appear on an MVR because of factors such as variations in reporting violations in different jurisdictions or c...

Walk me through the 3 financial statements. - ️️"The 3 major financial statements are the Income Statement, Balance Sheet and Cash Flow Statement. The Income Statement gives the company's revenue and expenses, and goes down to Net Income, the final line on the statement. The Balance Sheet shows the company's Assets - its resources - such as Cash, Inventory and PP&E, as well as its Liabilities - such as Debt and Accounts Payable - and Shareholders' Equity. Assets must equal Liabilit...

ACCT 211 - Exam 1 Accounting - correct answer Information and measurement system that identifies, records, and communicates relevant information about a company's business activities. Accounting Equation - correct answer Equality involving a company's assets, liabilities, and equity; Assets = Liabilities + Equity; also called balance sheet equation Assets - correct answer Resources a business owns or controls that are expected to provide current and future benefits to the business. A...

ACC 101 Full Version 323 | Complete Solutions (Verified) QN=1 If assets are $199,000 and liabilities are $132,000, then equity equals a. $32,000. b. $67,000. c. $99,000. d. $131,000. e. $198,000. QN=2 A cash outflow from the company into its owner is called a(n): a. Liability. b. Withdrawal. c. Expense. d. Profit. e. Investment. QN=3 Liability created by purchasing goods and services on credit (tín dụng) are: a. Accounts payable. b. Accounts receivable. c. Liabilities. d. Expenses. e. Equit...

ACCT 211 - Exam 1 questions with correct answersAccounting - correct answer Information and measurement system that identifies, records, and communicates relevant information about a company's business activities. Accounting Equation - correct answer Equality involving a company's assets, liabilities, and equity; Assets = Liabilities + Equity; also called balance sheet equation Assets - correct answer Resources a business owns or controls that are expected to provide current and future b...

Walk me through the 3 financial statements. - "The 3 major financial statements are the Income Statement, Balance Sheet and Cash Flow Statement. The Income Statement gives the company's revenue and expenses, and goes down to Net Income, the final line on the statement. The Balance Sheet shows the company's Assets - its resources - such as Cash, Inventory and PP&E, as well as its Liabilities - such as Debt and Accounts Payable - and Shareholders' Equity. Assets must equal Liabilities pl...

Breaking Into Wall Street Basic Questions and answers rated A+Walk me through the 3 financial statements - correct answer The 3 major financial statements are the Income Statement, Balance Sheet and Cash Flow Statement. The Income Statement gives the company's revenue and expenses, and goes down to Net Income, the final line on the statement. The Balance Sheet shows the company's Assets - its resources - such as Cash, Inventory and PP&E, as well as its Liabilities - such as Debt and Accoun...