A temporary revenue account used to record merchandise sales A. Sales Account B. Profit Margin C. Ledger D. Quick books

Gross profit is: A. When expenses exceed revenues and there is zero or negative profit B. The same as Owners Equity C. Revenue - Cost of Goods Sold D. The same as Net Income

Financial statements provide: A. A single document that provides all the details needed to complete an accurate financial assessment. B. Assistance in planning and further analysis for strategic development C. The Fiscal year from January to December snapshot of a business

Which of the following supplies liability protection for an owner? A. Corporation B. LLC C. Both A and B D. Neither A or B

A document that is not an official financial statement is called A. Trial Balance B. Gross margin C. Income Statement D. Balance Sheet