Question

• 1.

  The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the

  Balance Sheet

  Income Statement

  Statement Of Cash Flows

• 2.

  The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the

  Balance Sheet

  Income Statement

  Statement Of Cash Flows

• 3.

  Under the accrual basis of accounting, revenues are reported in the accounting period when the

  Cash Is Received

  Service Or Goods Have Been Delivered

• 4.

  Under the accrual basis of accounting, expenses are reported in the accounting period when the

  Cash Is Paid

  Expense Matches The Revenues Or Is Used Up

• 5. Revenues minus expenses equals

  __________

  .

Answer 1

1
The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the Income Statement
2
The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the Balance Sheet
3
Under the accrual basis of accounting, revenues are reported in the accounting period when the Service Or Goods Have Been Delivered
4
Under the accrual basis of accounting, expenses are reported in the accounting period when the Expense Matches The Revenues Or Is Used Up
5
Revenues minus expenses equals Net income (loss)