acc202 chapter 3
the statement of stockholders equity includes these amounts:
dividends for the period, ending balance retained earnings, net income
how do temporary accounts differ from permanent accounts
only temporary accounts are cleared out at the end of the accounting period
the sum of current and long-term assets reported on the balance sheet is referred to as
total assets
the post-closing trial balance helps to verify that:
we prepared and posted closing entries correctly, the accounts are ready for next periods transactions
a classified balance sheet shows subtotals for current __ and current __
assets; liabilities
on a classified balance sheet, total liabilities represent the sum of what
current/short term and long term liabilities
the post-closing trial balance checks that the total __ equal total ___ at the end of the period
debits; credits
a classified balance sheet
groups asset and liabilities into current and long term categories
revenues and expenses are reported in the:
income statement
the information reported in the statement of cash flows is organized by these activities
investing, operating, financing
a long term liability:
is NOT due within the next year
With respect to current assets, _____ refers to how quickly an asset can be converted to cash.
liquidity
which of the following statements regarding the statement of cash flows are correct
reports cash disbursements, reports cash receipts, the final financial statement that is typically prepared
the amount earned from selling goods or services to customers
revenue/sales
which financial statement reports beginning balances for common stock and retained earnings, current period net income/loss, correct period dividends, common stock issued during the year, ending balances of commons stock and retained earnings
statement of stockholders equity