1 Identify the correct components of the income statement.
revenues, losses, expenses, and gains
assets, liabilities,...
1 Identify the correct components of the income statement.
revenues, losses, expenses, and gains
assets, liabilities, and owner’s equity
revenues, expenses, investments by owners, distributions to
owners
assets, liabilities, and dividends
2. The balance sheet lists which of the following?
assets, liabilities, and owners’ equity
revenues, expenses, gains, and losses
assets, liabilities, and investments by owners
revenues, expenses, gains, and distributions to owners
3. The accounting equation is expressed as
________.
Assets + Liabilities = Owner’s Equity
Assets – Noncurrent Assets...
Transactions affecting owner's equity include:
a. owner's investments, earning of revenues, incurrence of
expenses, and collection...
Transactions affecting owner's equity include:
a. owner's investments, earning of revenues, incurrence of
expenses, and collection of accounts receivable
b. owner's investments and payment of liabilities
c. owner's investments, owner's withdrawals, earning of
revenues, and incurrence of expenses
d. owner's withdrawals, earning of revenues, incurrence of
expenses, and purchase of supplies on account
Briefly explain the rules of debits and credits as they relate
to assets, liabilities, equity, revenue,...
Briefly explain the rules of debits and credits as they relate
to assets, liabilities, equity, revenue, and expenses. Do debits
always increase an account? Do credits always decrease an account?
Give examples.