Which is the accounting statement that reports in detail, and for a very specific time period, a business's revenue, the expenses required to generate its revenues, and the business's profits or losses for that period? Balance Statement B Statement of Cash Flows c Income Statement D Expense Statement Question 2 2.5 Points Which is the accounting summary that presents the financial condition, or financial health of a business? A) Profit & Loss Statement B Income Statement 0 Balance Sheet D) Statement of Cash Flows Question 3 2.5 Points What is the primary device that accountants use to record increases or decreases in the assets, liabilities or owners equity portion of a business's basic accounting equation? A Schedule B) Account (C) Ledger SAMSUNG Question 3 2.5 Points What is the primary device that accountants use to record increases or decreases in the assets. liabilities or owners' equity portion of a business's basic accounting equation? A Schedule B Account C Ledger D Journal Question 4 2.5 Points Which is the basic accounting equation that is applicable to every business? A Assets + Liabilities - Owners' Equity B Assets + Owners' Equity = Liabilities C Assets = Owners Equity - Liabilities D) Assets = Liabilities + Owners' Equity Question 5 2.5 Points Which portion of a hospitality business's transaction and analysis process would most often by undertaken by the business's owner or general manager A Summary Accounting SAMSUNG