Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mailings Review View Help Enable Editing ses. Unless you need to edit it's safer to stay in Protected View, Unit Review Sheets Chapter 3/Unit 4

image text in transcribed
image text in transcribed
Mailings Review View Help Enable Editing ses. Unless you need to edit it's safer to stay in Protected View, Unit Review Sheets Chapter 3/Unit 4 Review Sheet 4/Preparing the Income Statement Answer or complete the following. C1. (a) The name of the statement that presents the revenue, expenses, and net income (or net loss) is the (b) The statement that presents the assets, liabilities, and owner's equity is the (c) An inflow of assets from customers, earned from the sale of goods or services, is (d) The costs of goods and services used by a company to bring in revenue are (e) When revenue is greater than expenses, the difference is (1) When expenses are greater than revenues, the difference is (g) Underline the appropriate terms in the statements that follow: Net income increases/decreases equity. Net loss increases/decreases equity. (h) The period of time covered by the financial statements is called the (1) (1) If the revenue is $24 500 and the expenses are $18 000, the net income is (2) If the revenue is $24 500 and the expenses are $28 000, the net loss is 0) Another term for accounting period is (k) The twelve-month period from January 1 to December 31 is called the ntain viruses. Unless you need K.C 2. Give examples of each of the following. time-period principle: matching principle: I 1 Copyright 2002 Pearson Education Canada Inc., Toronto, Ontario Chapter 3/Unit 4 Review Sheet 4/Preparing the Income Statement (cont.) accrual basis of accounting: cash basis of accounting

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Wiley Federal Government Auditing Laws Regulations Standards And Practices

Authors: Edward F. Kearney, Roldan Fernandez, Jeffrey W. Green, David M. Zavada

2nd Edition

1118555856, 978-1118555859

More Books

Students also viewed these Accounting questions

Question

When would you classify an investment as available-for-sale (AFS)?

Answered: 1 week ago

Question

Prepare for a successful job interview.

Answered: 1 week ago

Question

Describe barriers to effective listening.

Answered: 1 week ago

Question

List the guidelines for effective listening.

Answered: 1 week ago