1. The broad categories of information reported on a business's financial statements are referred to as

A.. accounts.B. elements of the financial statements. C. components. D. assets.

2. Retained Earnings is

A. a part of a company's assets. B. a category or type of liability. C. a part of stockholders'equity. D. a result of asset use transactions.

3. As of December 31, 2009, Bueno Company had $1,000 in liabilities, $8,000 in common stock, and $2,500 inretained earnings. The total amount of assets on that date is

A. $10,000. B. $12,500. C. $11,500. D. $7,500.