Home Page Layout Formulas Data Review View Help ROTECTED VIEW Be careful-Files from the Internet can contain vituses. Unless you need to do it's safe to stay in Protected View Enabledtng B C D E F G H K True or False Tor F The income statement gives company's revenues and expenses for one particular day of the year. An increase in net assets of a business due to the sale of its inventory is a gain. Retained earnings represents amounts contributed to the business by its owners. Assets and liabilities can be broken down into the categories of current and noncurrent. Income tax expense is typically reported separately from other expenses. Conservatism helps companies look better to potential investors. Dividends paid are reported on the balance sheet. Companies receive money each time their stock is sold on a stock exchange. A balance sheet should always balance. The statement of cash flows is broken up into operating, investing, and financing activities. Notes are considered part of a complete set of financial statements. Sales revenue less cost of goods sold is referred to as net income. A gain is the amount of net income earned by a company over its life less any dividends it has paid. The purpose of the balance sheet is to report the assets and liabilities of a company on a specific date. Documentation Short Am Tor F MC Problems une research