SFP is “balanced” as a consequence of double-entry accounting.
True or False.
33. Payment for acquisition of merchandise inventory are reported as investing activities. *
43. A common-size Statement of Comprehensive Income that shows cost of goods sold at 45% means that cost of goods sold is 45% of sales. *
12. A net positive result of operations is called Net Income *
14. Real accounts can also be found in the SCI. *
20. Net Purchases is different from Net Cost of Purchases. *
26. The partnership net income is allocated to each partner’s capital using the
10. Contra assets are those accounts that are presented under the assets portion of the SFP but are reductions to the company’s assets. *
5. The SFP is “balanced” as a consequence of double-entry accounting. *
41. A common-size
36. Financial statement analysis uses computational and analytical techniques to evaluate the company’s risks, performance, financial health, and future prospects with the objective of making economic decisions. *
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