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1-The income statement is for
| | | a point in time (i.e. December 31) |
| | | a periods of time (i.e. a year) |
| | | Both of these |
| | | Neither of these |
2-Which of the following is considered a liability on the balance sheet?
| | | a) Accounts Receivable |
| | | b) Prepaid Expenses |
| | | c) Common Stock |
| | | d) Accounts Payable |
3-An increase in sales
| | | Increases profits |
| | | Decreases profits |
| | | Has not impact on profits |
| | | Depends |
4-The balance sheet is for
| | | a point in time (i.e. December 31) |
| | | a periods of time (i.e. a year) |
| | | Both of these |
| | | Neither of these |
5-The balance sheet equation is Assets = Sales - Expenses
True
False
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