ESP319 INCOME STATEMENT VS BALANCE SHEET

IN THE BALANCE SHEET WE CAN FIND:

• EQUITY + ASSETS = LIABILITIES

• REVENUE + EQUETY = ASSETS

• EQUITY + LIABILITIES = ASSETS

• INCOME + EXPENSES = PROFIT/LOSS

The ____________ are debts owed to the company by the customers for good and/or services.

• INSURANCES

• PAYABLES

• BORROWINGS

• RECEIVABLES

IN THE BALANCE SHEET AN ASSET WOULD BE:

• DIVEDENDS PAYABLE

• INSURANCE RECEIVABLES

• DEFERRED TAXES

• SHORT-TERM BORROWINGS

The amount of net income left over for the business after it has paid out dividends to its shareholders, is a definition for:

• RETAINED EARNINGS

• DIVIDENDS PAYABLE

• DEFERRES TAX

• INSURANCE PAYABLE

In the INCOME STATEMENT _____________ would be an expense.

• INTERESTS RECEIVED

• BANK CHARGES

• SALE OF GOODS

• GOVERNMENT BONUS

A GOOD SPANISH EQUIVALENT FOR DEFERRED TAX WOULD BE:

IN THE BALANCE SHEET, LONG TERM INVESTMENTS FUNDS WOULD BE:

• AN ASSETS

• A LIABILITY

Receiving something of value in exchange for an obligation to pay back something of usually greater value at a particular time in the future are ________________________

• BORROWINGS

• TAXES

• EQUITY

• INVENTORIES