Income Statement Quiz
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Questions and Answers

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?

  • 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?

  • 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?

    <p>Charitable organizations</p> Signup and view all the answers

    How are revenues and expenses further categorized in the statement of activities for charitable organizations?

    <p>By donor restrictions on the funds received and expended</p> Signup and view all the answers

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