Question

business earned a profit and also lists 6) The financial statement that reports whether the the revenues and expenses is called the: A) Income statement. B) Statement of cash flows. C) Statement of financial position. D) Statement of retained earnings. E) Balance sheet 7) When expenses exceed revenues, the resulting change in equity is called: A) Net loss. B) Net assets. C) A liability D) Negative equity E) Net income. 8) Decre ases in equity that represent costs of providing products or services to customers, used to earn revenues are called: A) Equity. B) Common Stock C) Liabilities. D) Dividends. E) Expenses. 9) Increases in equity from a company's sales of products or services are: A) Liabilities. B) Revenues. C) Expenses D) Assets E) Stockholders' Equity.

Answer 1

6)

A) Income statement

7)

A) Net loss is what you get when expenses exceed revenues.

8)

E) Expenses are incurred to earn revenue.

9)

B) Revenues are generated when companies sell their products and services.