Author: Anonymous

Which of the following is the usual final step in the accounting cycle?

The difference between a company’s assets and its liabilities, or net assets is:

The going concern assumption:

The financial statement that reports whether the business earned a profit and also lists the revenues and expenses is called the:

The difference between a company’s assets and its liabilities, or net assets is:

Return on assets is useful in evaluating management, analyzing and forecasting profits, and planning activities.

Cash paid for merchandise is an operating activity.

A company made no adjusting entry for accrued and unpaid employee wages of $28,000 on December 31. This oversight would:

Identify the statement below that is correct.

A net loss occurs when revenues exceed expenses.