Question

1. The financial statement that reports the revenue and expense for a period of time such...

1. The financial statement that reports the revenue and expense for a period of time such as year or month :

Balance sheet

Income statement

Statement of cash flows

2. The financial statement that reports asset liability and equity at a specific date :

Balance sheet

Income statement

Statement of cash flows

3. Assets are usually reported on the balance sheet at which amount?

Cost

Current market value

Expected selling price

4. Obligation are reported on the balance sheet are referred as

Asset

Liability

Retained earnings

5. Unearned Revenue is what type of account?

Asset

Liability

Stockholder's equity

6. Resources owned by a company within in one year are reported on the balance sheet as :

Current asset

Current liability

Fixed asset

7. The accounting equation referred as

Asset = liability + equity

Asset + equity = liability

Asset + liability = equity

8. Leverage company refers to

Company depends more on debt

Company depends more on equity

Company depends on government funding

Homework Answers

Answer #1

1. The financial statement that reports the revenue and expense for a period of time such as year or month is “INCOME STATEMENT”

2. The financial statement that reports asset liability and equity at a specific date is “BALANCE SHEET”

3. Assets are usually reported on the balance sheet at “COST”

4. Obligation are reported on the balance sheet are referred as “LIABILITY”

5. Unearned Revenue is a “LIABILITY Account”

6. Resources owned by a company within in one year are reported on the balance sheet as “CURRENT ASSETS”

7. The accounting equation referred as “Asset = Liability + Equity”

8. Leverage company refers to “Company depends more on debt”

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1. The financial statement that reports the revenues and expenses for a period of time such...
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...
(Subscription Revenue) -indicate it's Class (Asset, Liability, Equity, Revenue, Expense), Financial Statement (whether it belongs on...
(Subscription Revenue) -indicate it's Class (Asset, Liability, Equity, Revenue, Expense), Financial Statement (whether it belongs on the Income Statement or Balance Sheet), and its "Normal" balance (Credit or Debit) (Investment Income) - indicate it's Class (Asset, Liability, Equity, Revenue, Expense), Financial Statement (whether it belongs on the Income Statement or Balance Sheet), and its "Normal" balance (Credit or Debit) (RENT) - indicate it's Class (Asset, Liability, Equity, Revenue, Expense), Financial Statement (whether it belongs on the Income Statement or Balance...
1. Which of the following asset accounts is increased when a receivable is collected? Group of...
1. Which of the following asset accounts is increased when a receivable is collected? Group of answer choices Accounts Receivable Supplies Accounts Payable Cash 2. Computer Corporation is starting its computer programming business and has sold stock of $15,000.  Identify how the accounting equation will be affected. Group of answer choices increase in assets (Cash) and increase in liabilities (Accounts Payable) increase in assets (Cash) and increase in stockholders' equity (Common Stock) increase in assets (Accounts Receivable) and decrease in liabilities...
For each item described: Identify the type of account (Asset, Liability, Equity, Revenue or Gain, Expense...
For each item described: Identify the type of account (Asset, Liability, Equity, Revenue or Gain, Expense or Loss), normal balance (Debit, Credit), financial statement (Balance Sheet, Income Statement), and whether the account is closed at the end of the period (Yes, No) by selecting the letter that best describes those attributes. If an account is a contra account, the answer will show the account type in parentheses.  Answer items may be used once, more than once, or not at all.   ...
1. Which financial statement shows the financial performance of the company on a cash basis? balance...
1. Which financial statement shows the financial performance of the company on a cash basis? balance sheet statement of owner’s equity statement of cash flows income statement 2. Which financial statement shows the financial position of the company? balance sheet statement of owner’s equity statement of cash flows income statement
Indicate which of the financial statements (Income Statement, Statement of cash flow, Balance Sheet, statement of...
Indicate which of the financial statements (Income Statement, Statement of cash flow, Balance Sheet, statement of Changes of in equity) each of the following would be reported? Select as many as are appropriate. Cash Unearned revenue Net income Cost of goods sold Dividends declared Prepaid insurance Service revenue Warranty obligations Dividends paid
Q1 - Which financial statement is prepared according to cash basis of accounting: a. Cash Flow...
Q1 - Which financial statement is prepared according to cash basis of accounting: a. Cash Flow Statement b. Income Statement c. Balance Sheet d. Retained earnings Statement Q2 - ............... is a present obligation that grew out of a past event and will require a future sacrifice to extinguish the obligation. a. Unearned Revenue b. Equity c. Expense d. Liability Q3 - Days ‘sales uncollected ratio is a. Average receivable/ credit sales b. Accounts receivable/ net credit sales* 365 days...
PLEASE DO IT BY TPYE NOT PICS QUESTION 1 Select all of the accounts that have...
PLEASE DO IT BY TPYE NOT PICS QUESTION 1 Select all of the accounts that have a natural debit balance: Revenue Liability Expense Asset Retained Earnings Common Stock Dividend QUESTION 2 The five products of financial accounting and the result of the eighth step of the accounting process are: Income Statement, Business Progress Statement, Balance Sheet, Statement of Cash Flows, Asset and Liability Statement Income Statement, Notes to the Income Statement, Statement of Retained Earnings, Notes to the Retained Earnings...
The translation adjustment from translating a foreign subsidiary's financial statements should be shown as... A.) An...
The translation adjustment from translating a foreign subsidiary's financial statements should be shown as... A.) An asset or liability (depending on the balance) on the consolidated balance sheet. B.) A revenue or expense (depending on the balance) on the consolidated income statement. C.) A component of stockholders' equity on the consolidated balance sheet. D.) A component of cash flows from financing activities on the consolidated statement of cash flows. E.) an element of the notes that accompany the consolidated financial...
Financial reports have the same elements whether those are for large corporations or for the individuals....
Financial reports have the same elements whether those are for large corporations or for the individuals. Please list the elements your "Personal" financial reports (income statement and balance sheet) of the hypothetical BU online student, possibly having part-time or full-time job. For example, Cash is an Asset on the Balance Sheet; Salary is Revenue on the income statement, E.t.c.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT