10 Questions
Which financial statement shows the change in owner's equity over a period of time?
Statement of Change in Equity
What are the elements directly related to measurement of financial condition in the balance sheet?
Assets, liabilities, and owner's equity
If an owner's withdrawal exceeds the net operating income, what happens to the owner's equity?
It decreases
What are account titles?
Identifications or brief descriptions of items
Which financial statement shows the measurement of performance?
Income statement
Which financial statement shows the change in owner's equity over a period of time?
Statement of change in equity
What are the elements directly related to measurement of financial condition in the balance sheet?
Assets, liabilities, and owner's equity
What are account titles?
Identifications or brief descriptions of items in the income statement
If an owner's withdrawal exceeds the net operating income, what happens to the owner's equity?
It decreases
Which financial statement shows the measurement of performance?
Income statement
Test your knowledge of accounting and balances with this quiz! Explore the concept of the Statement of Change in Equity and learn how to calculate increases in equity. Find out what happens when an owner's withdrawal exceeds the net operating income of a business.
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