1. LO 2.1Which of these statements is not one of the financial statements? 2. LO 2.1Stakeholders are less likely to include which of the following groups? 3. LO 2.1Identify the correct components of the income statement. 4. LO 2.1The balance sheet lists which of the following? 5. LO 2.1Assume a company has a $350 credit (not cash) sale. How would the transaction appear if the business uses accrual accounting? 6. LO 2.1Which of the following statements is true? 7. LO 2.2Owners have no personal liability under which legal business structure? 8. LO 2.2The accounting equation is expressed as ________. 9. LO 2.2Which of the following decreases owner’s equity? 10. LO 2.2Exchanges of assets for assets have what effect on equity? 11. LO 2.2All of the following increase owner’s equity except for which one? 12. LO 2.3Which of the following is not an element of the financial statements? 13. LO 2.3Which of the following is the correct order of preparing the financial statements? 14. LO 2.3The three heading lines of financial statements typically include which of the following? 15. LO 2.3Which financial statement shows the financial performance of the company on a cash basis? 16. LO 2.3Which financial statement shows the financial position of the company? 17. LO 2.3Working capital is an indication of the firm’s ________. What accounts are in income statement?The income statement accounts most commonly used are as follows:. Revenue. Contains revenue from the sale of products and services. ... . Sales discounts. ... . Cost of goods sold. ... . Compensation expense. ... . Depreciation and amortization expense. ... . Employee benefits. ... . Insurance expense. ... . Marketing expenses.. What are the 4 parts of an income statement?What Are the Four Key Elements of an Income Statement? (1) Revenue, (2) expenses, (3) gains, and (4) losses. An income statement is not a balance sheet or a cash flow statement.
What are the 3 main parts of an income statement?Components of an Income Statement
The information disclosed in an income statement covers a given period and the performance of a company is revealed in the Revenue, expenses, and profit before tax.
What is not on the income statement?The income statement focuses on four key items: sales revenues, expenses, gains and losses. It does not concern itself with cash or non-cash sales, or anything regarding cash flow. Revenue: This includes money generated from normal business operations.
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