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Questions and Answers
What is another name for an income statement or profit and loss account?
What is another name for an income statement or profit and loss account?
- Statement of activities
- Balance sheet
- Statement of financial performance (correct)
- Cash flow statement
What does the income statement indicate?
What does the income statement indicate?
- The company's long-term liabilities
- How revenues are transformed into net income or net profit (correct)
- The company's total assets
- The company's cash inflows and outflows
How does the income statement differ from the balance sheet?
How does the income statement differ from the balance sheet?
- It includes only cash transactions, while the balance sheet includes only non-cash transactions
- It is used for external reporting, while the balance sheet is used for internal reporting
- It represents a period of time, while the balance sheet represents a single moment in time (correct)
- It lists only expenses, while the balance sheet lists only revenues
What type of organizations do not produce an income statement?
What type of organizations do not produce an income statement?
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How are revenues and expenses further categorized in the statement of activities for charitable organizations?
How are revenues and expenses further categorized in the statement of activities for charitable organizations?
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