Author Question: The financial statement that presents a summary of the revenues and expenses of a business for a ... (Read 101 times)

Collmarie

  • Hero Member
  • *****
  • Posts: 569
The financial statement that presents a summary of the revenues and expenses of a business for a specific periodof time, such as a month or year, is called a(n)
 a. prior period statement
  b. statement of owner's equity
  c. income statement
  d. balance sheet

Question 2

The Capital Projects Fund issued general long-term debt at a premium. The conversion worksheet adjustment would include a
 
  a. DEBIT to cash.
  b. CREDIT to bonds payable.
  c. DEBIT to unamortized premium on bonds.
  d. CREDIT to other financing sources.
  e. All of the above.



nickk12214

  • Sr. Member
  • ****
  • Posts: 332
Answer to Question 1

c

Answer to Question 2

B



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Green tea is able to stop the scent of garlic or onion from causing bad breath.

Did you know?

The liver is the only organ that has the ability to regenerate itself after certain types of damage. As much as 25% of the liver can be removed, and it will still regenerate back to its original shape and size. However, the liver cannot regenerate after severe damage caused by alcohol.

Did you know?

When blood is exposed to air, it clots. Heparin allows the blood to come in direct contact with air without clotting.

Did you know?

Certain topical medications such as clotrimazole and betamethasone are not approved for use in children younger than 12 years of age. They must be used very cautiously, as directed by a doctor, to treat any child. Children have a much greater response to topical steroid medications.

Did you know?

After 5 years of being diagnosed with rheumatoid arthritis, one every three patients will no longer be able to work.

For a complete list of videos, visit our video library