The income statement lists expenses above revenue.

The date line in the header of the income statement includes a phrase that describes the period considered in the statement.

The statement of owner’s equity is often referred to as a reconciliation of the beginning and ending capital accounts.

The statement of owner’s equity displays balances as of a single date, not activity over a period.

The balance sheet can either be designed to display assets on top (liabilities and owner’s equity at bottom) or with assets at left (liabilities and owner’s equity at right).

Within the balance sheet total assets must equal total liabilities.

The statement of cash flows shows all cash-related activity for a period.

The statement of cash flows shows the beginning and ending balances for the Cash account.

Only the temporary accounts are closed as part of the closing entry process.

There are five closing journal entries.

Which financial statement is completed first?

What is included on both the income statement and the statement of owner’s equity?

Which is NOT a section of the statement of cash flows?

Which is a current liability?

Which of these, unless otherwise specified, is NOT a long-term liability account?

Identify the FALSE statement regarding the classified balance sheet.

What shows on the second line of the three-line balance sheet header?

What is displayed on the final line of the statement of cash flows?

What account is closed as part of the closing entry process?