T/F Accounting 9

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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


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