Which of the following financial statements list the cash and non-cash receipts and expenses of a
business during a specified period of time - answer✔income statement
Which of the following financial statements explains the change in net worth for an accounting
period - answer✔statement of owner equity
which of the following financial statement explains the change in cash balance for an accounting
period? - answer✔Statement of cash flow's
which of the following is not included in the calculation of accrual adjusted gross farm income -
answer✔change in prepaid supplies
A major advantage of cash accounting when compared to accrual accounting is it -
answer✔provides more flexibility in a managing taxable income
The original cost basis of a capital asset, plus improvements, less accumulated depreciation is
referred to as the - answer✔adjusted basis of the asset
A method of prorating the cost of a capital asset over it's useful life is - answer✔depreciation
The reason for making accrual adjustments to a cash income is to allow - answer✔A better
match of production with the expenses associated with the timing of production
Contributed ( or paid in ) capital, plus retained earnings, plus valuation equity is equal to -
answer✔total assets minus total liabilities
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