S HOt a purpose of the Balance Sheet? G H T which are the two main nanclal K N Balance Sheet and tncome statem Balance Sheet and income stateament ncome statemens ANSWERS atement of cash flow t of cash ow ement of retained eamings 2. when a lability account increases, what must happen at the same time for the accounting equatoin to stay in balance? An asset account mst increase An equity account must decrease Another abiity account must decrease All of the above are possble 3 The basic accounting equation must stay in balance at the begineing of each year at the end of each year at the end of each quarter at all tmes WARHOthe foilowing is not a purpose of the Balance Sheet hows what the company owns at a particular peint of time Shows what the company owes at a particular point of time Shows the net worth of a company at a partioular point of time Shows the performance of a company over a peried of hmer Which of the following a LEAST kely describing a CURRET ASSET the gnt to ciolect money from that oustomer at a specified time in the future, within the next 22 months fnished products for ready sale to customers and ase materials to be made into prodacts ls the company has aready paldaut for services not yet receved. proguctive assets not intended for sale 6Ha company has a piece at equpment that is intended for sale, it is most kely repgrted unger PP&E Supplies Ocher Assets wentory 7 On the balance sheet, salaes owed to empioyeesis mostlyeported under Accounts payable- Notes payabie Salanies expense Accrued expenses Which of the tolowing wll not aftect sharenolders equity Seling invetory at a price abiove cost suing capital steck Paying dividends to sharehoiders Cotecting acoounts tecevable Invalid Sheet 06 + Q7 OS Q1 Q2 Q3 04 Sum 0 Ready Normal View