Accounting and Balances Quiz
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Questions and Answers

Which financial statement shows the change in owner's equity over a period of time?

  • Statement of Cash Flows
  • Balance sheet
  • Statement of Change in Equity (correct)
  • Income statement

    • What are the elements directly related to measurement of financial condition in the balance sheet?

  • Expenses and assets
  • Owner's equity and income
  • Income and expenses
  • Assets, liabilities, and owner's equity (correct)

    • If an owner's withdrawal exceeds the net operating income, what happens to the owner's equity?

  • It stays the same
  • It increases
  • It decreases (correct)
  • It cannot be determined

    • What are account titles?

    <p>Identifications or brief descriptions of items</p> Signup and view all the answers

    Which financial statement shows the measurement of performance?

    <p>Income statement</p> Signup and view all the answers

    Which financial statement shows the change in owner's equity over a period of time?

    <p>Statement of change in equity</p> Signup and view all the answers

    What are the elements directly related to measurement of financial condition in the balance sheet?

    <p>Assets, liabilities, and owner's equity</p> Signup and view all the answers

    What are account titles?

    <p>Identifications or brief descriptions of items in the income statement</p> Signup and view all the answers

    If an owner's withdrawal exceeds the net operating income, what happens to the owner's equity?

    <p>It decreases</p> Signup and view all the answers

    Which financial statement shows the measurement of performance?

    <p>Income statement</p> Signup and view all the answers

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