Which financial statement shows a company's financial position at a specific point in time? A. Income Statement B. Cash Flow Statement C. Balance Sheet D. Statement of Retained Earnings

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.

Which statement is most directly affected by a change to net income? A. balance sheet B. income statement C. statement of retained earnings D. statement of cash flows

Which of the following ratios is used to measure a firms profitability? a. Liabilities Ă· Equity c. Sales Ă· Assets b. Assets Ă· Equity d. Net Income Ă· Net Sales

The metrics based on financial numbers produced by the accounting system are ________. A. quantitative factors B. qualitative factors C. stakeholders D. stockholders

Which financial statement shows the financial position of the company? A. balance sheet B. statement of owners equity C. statement of cash flows D. income statement

Correct answer

Which financial statement conveys a company’s ability to generate profits in the current period? a. Income statement.b. Statement of cash flows.c. Balance sheet.d. Statement of stockholders’ equity.

A primary focus of financial reporting about a company's performance during an accounting period is information related to the company's: a. Balance Sheet b. Income Statement c. Comprehensive Income d. Cash Flows

What item of financial or operating data appears on both the income statement and the retained earnings statement ?