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Questions and Answers
What is the accounting equation?
What is the accounting equation?
- $Assets = Liabilities + Owner's Equity$ (correct)
- $Assets - Liabilities = Owner's Equity$
- $Liabilities = Assets - Owner's Equity$
- $Owner's Equity = Assets - Liabilities$
What is the formula for calculating net income?
What is the formula for calculating net income?
- $Net Income = Revenue / Expenses$
- $Net Income = Revenue * Expenses$
- $Net Income = Revenue + Expenses$
- $Net Income = Revenue - Expenses$ (correct)
Which financial statement reports a company's revenues and expenses for a specific period?
Which financial statement reports a company's revenues and expenses for a specific period?
- Balance Sheet
- Statement of Retained Earnings
- Statement of Cash Flows
- Income Statement (correct)
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