Answer Happy

Owner's withdrawals Oa. increase cash Ob. increase expenses Oc. decrease expenses Od. decrease owner's equity
Which of the following groups is considered to be internal users of accounting information? Oa. employees and managers Ob. employees and customers Oc. government entities and banks Od. customers and vendors
The accounting equation may be expressed as Oa. Assets + Liabilities = Owner's Equity Ob. Assets = Revenues - Liabilities Oc. Assets = Equities - Liabilities Od. Assets - Liabilities = Owner's Equity
The assets and liabilities of a company are $128,000 and $84,000, respectively. Owner's equity should equal Oa. $212,000 Ob. $84,000 Oc. $128,000 Od. $44,000
Expenses are recorded when Oa. assets are purchased Ob. a bill is received in advance of services rendered Oc. cash is paid for services rendered Od. assets are used in the process of earning revenue
The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time, such as a month or year, is called a(n) Oa. statement of owner's equity Ob. balance sheet Oc. income statement Od. prior period statement
Four financial statements are usually prepared for a business. The statement of cash flows is usually prepared last. The statement of owner's equity (OE), the balance sheet (B), and the certain order to obtain information needed for the next statement. In what order are these three statements prepared? Oa. B. I. OE Ob. LOE. B Oc. OE, L. B Od. B.OE. I