Goodwill is classified as which of the following type of asset ?

Two forms of the Income Statement are the Single-Step and the Multi-Step.

Which financial statement shows the movements of cash and cash equivalents in and out during an accounting period ?

Prepaid expenses are classified as non-current assets.

Recording revenues when cash is received is one of the Generall Accepted Accounting Principles (GAAP).

On a balance sheet, the most liquid assets are listed first.

The balance sheet is a measure of the market value of a company.

The current ratio is a measure of a company's liquidity.

The primary purpose of the Income Statement is ?

Owner's Equity is also referred to as Net Assets.

Which of the following would NOT appear on the income statement ?

Assets are classified as current if they can be turned into cash or used up in a year or operating cycle, whichever is longer.

The notes to the financial statements are not required by Generally Accepted Accounting Princples (GAAP).

The income statement summarizes the assets, liabilities, and owner's equity of a business at a moment in time.

The shareholder's equity amount on a balance sheet represents creditors claims.

Which of the following would appear on the statement of Retained Earnings.

In the Report Form of the Balance Sheet the major categories are stacked on top of each other.

Notes to the financial statements are an integral part of the statements and are required by Generally Accepted Accounting Principles (GAAP).

Cost Of Goods Sold would be classified as what type of Account ?

Revenues are found in the balance sheet.

A Trial Balance is a tool that is used as an aid in preparing the financial statements.

Capital Stock is a current asset.

Assets minus Liabilities equals Net Income/Loss.