learnsmart 1 financial accounting
Businesses earn profits by ______. (Check all that apply.)
having revenues greater than expenses providing service or selling goods at more than the cost to provide the service or deliver the goods
A corporation earns profits for its stockholders by ______. (Check all that apply.)
selling goods at more than their cost providing services at more than cost
The heading of an income statement should include ______. (Select all that apply.)
the name of the business the accounting period covered by the statement the title "Income Statement"
At December 31, Equate, Inc.'s assets equal $50,000 and liabilities equal $30,000. Stockholders' equity must equal
20,000
Companies typically prepare Blank______ financial statements each accounting period.
4
Which of the following are ways of expressing the basic accounting equation? (Select all that apply.)
Assets - Stockholders' Equity = Liabilities Assets - Liabilities = Stockholders' Equity Assets = Liabilities + Stockholders' Equity