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Author Question: Income from Services is reported on which financial statement? a. income statement b. statement of ... (Read 199 times)

mp14

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on: Jul 6, 2018
Income from Services is reported on which financial statement?
 a. income statement
  b. statement of owner's equity
  c. balance sheet
  d. none of the answers listed

Question 2

Which of the following is true of a balance sheet?
 
  A) It summarizes the performance of the organization over a specific period of time.
  B) It supplements information provided by the income statement.
  C) It shows the financial position of an organization on a specific date.
  D) It explains some changes in the assets and liabilities of a company between two consecutive periods.


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leahm14

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Reply #1 on: Jul 6, 2018
Answer to Question 1

A

Answer to Question 2

C
Explanation: C) The purpose of the balance sheet is to show the financial position of an organization on a specific date. It reports major classes and amounts of assets (resources owned or controlled by the business), liabilities (external claims on those assets), and equity (owners' or investors' contributions or other sources of capital).


mp14

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Reply 2 on: Jul 6, 2018
Excellent

xiazhe

  • Member
  • Posts: 331
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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