Which financial statement represents the accounting equation, Assets =Liabilities + Owner's equity.a. Income Statement.b. Statement of Cash flows.c. Balance Sheet.d. None of the above.

The correct answer is:c. Balance Sheet. Explanation:The Balance Sheet directly represents the…

Answered: Which financial statement represents…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter1: Introduction To Business Activities And Overview Of Financial Statements And The Reporting Process

Section: Chapter Questions

Problem 11Q

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Similar questions

Consider the following accounts, and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Payable B. Cash C. Dividends D. Notes Payable
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Classification of Financial Statement Items Classify each of the following items according to (1) whether it belongs on the income statement (IS) or balance sheet (BS) and (2) whether it is a revenue (R), expense (E), asset (A), liability (L), or stockholders equity (SE) item.
On which financial statement would the Supplies account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flows
Correct answer with explanation
Which of the following is not a component of the accounting equation? Select one: A. Stockholders' equity B. Income statement C. Liabilities D. Assets E. None of the above
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The accounting equation can be restated as: Assets - Equity = Liabilities. True or False True False
Which of the following is not typically found on an Income Statement? A. Revenue B. Expenses C. Liabilities D. Net Income
Financial Accounting ‏
Classifying Balance Sheet Accounts Use the letters a to k from the balance sheet classifications provided below to indicate the usual classification for each of the 22 balance sheet items listed below. Also indicate whether an account is a contra account. If the item is not a contra account, select "N/A" as your answer.. Balance Sheet Classification a. Current assets. g. Long-term liabilities. b. Investments. h. Paid-in capital. c. Property, plant, and equipment. i. Retained earnings. d. Intangible assets. j. Accumulated other comprehensive income. e. Other assets. k. Noncontrolling interests. f. Current liabilities. Balance Sheet Item Classification Contra account 1. Accumulated depreciation. Answer Answer 2. Bonds payable (due in 10 years). Answer Answer 3. Accounts payable (trade). Answer Answer 4. Investment in stock of another company (long-term holding). Answer Answer 5. Land (in use). Answer Answer 6.…

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Which financial statement represents the accounting equation, Assets = Liabilities + Owner's equity. a. Income Statement. b. Statement of Cash flows. c. Balance Sheet. d. None of the above.