Financial Statements

Question 0

Accounts included in an “Income Statement”

Answer 0

Revenues
- Expenses
= Net Income (or Loss)

Question 1

Types of Financial Statements

Answer 1

• Income Statement
• Statement of Owner’s Equity
• Balance Sheet
• Statement of Cash Flows

Question 2

Accounts included in a “Statement of Owner’s Equity”

Answer 2

\+ Starting Capital
\+ Owner Investment
\+/- Net Income / Net Loss
- Draws
= Final Capital

Question 3

Accounts included in a “Balance Sheet” / “statement of financial position”

Answer 3

Assets = Liabilities

+ Owner Equity

Question 4

Accounts included in a “Statement of Cash Flows”

Answer 4

Activities which affect cash.

Purchases
Sales
Investments & Draws