Page 3 - Objective (1)

Question 13

Q. The information needed to prepare the income statement comes from the __________.
answer choices

1. Balance Sheet section of the work sheet.
2. Income Statement section of the work sheet.
3. Statement of changes in owner's equity.
4. Work sheet.

Question 14
Q. __________ is reported on the income statement.

answer choices

1. The amount of the owner's withdrawals for the accounting period
2. The heading
3. The net income or net loss
4. None of the above
Question 15

Q. The amount of net income or net loss reported on the income statement must match the
amount shown on the __________.

answer choices
1. heading.
2. work sheet.
3. balance sheet.
4. statement of changes in owner's equity.

Question 16
Q. __________ summarize the changes resulting from business transactions that have occurred
during a fiscal period.

answer choices
1. Financial statements
2. Expenses
3. Assets
4. Liabilities
Question 17

Q. A(n) __________ is the financial statement that reports the final balances in all asset liability,
and owner's equity accounts at the end of the fiscal period.
answer choices

1. work sheet
2. income statement
3. balance sheet
4. statement of changes in owner's equity