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Financial Statements for a Sole Proprietorship PARTA Accounting Vocabulary (13 points) Directions: Using terms from the following list, complete the sentences below. Write the letter

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Financial Statements for a Sole Proprietorship PARTA Accounting Vocabulary (13 points) Directions: Using terms from the following list, complete the sentences below. Write the letter of the term you have chosen in the space provided. A. balance sheet B. financial statements C. income statement D. Income Statement section of the work sheet E. net income F. report form G. statement of changes in owner's equity 0. The source of information for completing the income statement is the 1. The financial statement that reports the net income or net loss for the fiscal period it covers is the 2. The classifications of balance sheet accounts are shown one under the other in 3. Reports prepared to summarize the changes resulting from business transactions that have occurred during a fiscal period are called 4. A financial statement that is prepared to summarize the effects on the capital account of the various business transactions that occurred during the fiscal period is called a[n). 5. occurs when total revenue is greater than total expenses. 6. A financial statement that is a report of the final balances in all asset, liability, and owner's equity accounts at the end of the fiscal period is the Financial Statements for a Sole Proprietorship PARTA Accounting Vocabulary (13 points) Directions: Using terms from the following list, complete the sentences below. Write the letter of the term you have chosen in the space provided. A. balance sheet B. financial statements C. income statement D. Income Statement section of the work sheet E. net income F. report form G. statement of changes in owner's equity 0. The source of information for completing the income statement is the 1. The financial statement that reports the net income or net loss for the fiscal period it covers is the 2. The classifications of balance sheet accounts are shown one under the other in 3. Reports prepared to summarize the changes resulting from business transactions that have occurred during a fiscal period are called 4. A financial statement that is prepared to summarize the effects on the capital account of the various business transactions that occurred during the fiscal period is called a[n). 5. occurs when total revenue is greater than total expenses. 6. A financial statement that is a report of the final balances in all asset, liability, and owner's equity accounts at the end of the fiscal period is the

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