T/F Accounting 9
T
A net income will increase the owner's capital account
F
The balance sheet is repaired before the statement of changes in owner's equity
T
The balance sheet reports the final balances of the permanent accounts at the end of the fiscal period
F
The changes in the cash in bank account are reported in the statement of changes in owner's equity
F
The heading is the same on all three financial statements
F
The income statement represents the basic accounting equation
F
The information on the statement of changes in owner's equity is used in preparing the income statement
T
The primary financial statments prepared for a sole proprietorship are the income statement and the balance sheet
T
The statement of changed in owner's equity summarizes the effects on the capital account of the various business transactions that occurred during the period
F
The trial balance section of the worksheet provides the information used in preparing the income statement