#'s 14-18

14. Financial statement that shows the activity in the Capital account for a period of time. The net income from the income statement is required to complete the statement. A) Balance sheet B) Trial balance C) Income statement D) Statement of owner's equity 15. A book or file containing all of the accounts of a business. A) Trial balance B) Ledger C) Journal D) Financial statement 16. The function of this account is to provide the opposite debit or credit in closing the revenue and expense accounts. When this account has done its job, it is then closed into the Capital account. A) Accounts receivable B) Income summary C) Commissions earned D) Miscellaneous expense 17. The accounts that remain open and are carried over from year to year. A) Revenue, expenses and drawing B) Assets, liabilities, and drawing C) Assets, liabilities, and capital D) Liabilities, revenues, and capital