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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

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 1MC: That a business may only report activities on financial statements that are specifically related to...
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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
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