The two major financial categories on an income statement are __________ and _________. a. revenues and expenses b. revenues and liabilities c. revenues and owner's equity d. none of these

The two major financial categories on an income statement are __ and _. a. revenues and expenses b. revenues and liabilities c. revenues and owner's equity d. none of these

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ISBN:9781133935940

Author:Ulric J. Gelinas

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Chapter16: The General Ledger And Business Reporting (gl/br) Process

Section: Chapter Questions

Problem 5P

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Question

1. The two major financial categories on an income statement are __________ and _________.

a. revenues and expenses

b. revenues and liabilities

c. revenues and owner's equity

d. none of these

2. Which of these is NOT an EFT service available to club managers?

a. software-supported EFT

b. EFT provider

c. bank as EFT provider

d. bank as EFT receiver

3. The basic formula that all balance sheets follow is

a. assets = liquidity + liabilities

b. assets = liabilities + owner's equity

c. assets = owner's equity + cash flow

d.assets = cash flow + liquidity

4. The income statement is also referred to as

a. the statement of profit and loss

b. the equity statement

c. a credit statement

d. the statement of cash flows

5. Which of these is NOT a type of budget?

a. worse-case scenario

b. break-even analysis

c. zero-based

d. best-case scenario

Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

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