Which of the following is NOT a financial statement? Income Statement, Balance Sheet, Cash Flow Statement, Budget Statement

FBLA - Accounting II Flashcard

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12th Grade
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Hard
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1.
FLASHCARD QUESTION
Front
Back
Budget Statement
2.
FLASHCARD QUESTION
Front
What is the primary purpose of an income statement?
Back
To report profitability
3.
FLASHCARD QUESTION
Front
What does a balance sheet report?
Back
Financial position at a specific time
4.
FLASHCARD QUESTION
Front
Which financial statement summarizes retained earnings? Options: Income Statement, Cash Flow Statement, Statement of Owner’s Equity, Trial Balance
Back
Statement of Owner’s Equity
5.
FLASHCARD QUESTION
Front
The relationship between the income statement and the balance sheet is primarily through:
Back
Equity
6.
FLASHCARD QUESTION
Front
Revenue increases which financial statement component?
Back
Equity
7.
FLASHCARD QUESTION
Front
Which accounting method uses accounts to record changes?
Back
Manual
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