Author Question: Net income appears on which of the following a. Income Statement b. Statement of Owner's Equity ... (Read 125 times)

TFauchery · **on:** Jul 6, 2018

Net income appears on which of the following
a. Income Statement
b. Statement of Owner's Equity
c. Balance Sheet
d. Both A & B

Question 2

Which of the following is an appropriate use of a fund balance restriction?

A. To report the amount of capital assets acquired during the year.
B. To indicate that the finance director is setting aside a substantial amount of resources for a special project.
C. To report the amount of long-term debt that will mature in the next 12 months.
D. To report amounts that can only be used for specific purposes due to debt covenant constraints.