C214 oa quick review - Study guides, Class notes & Summaries

ncome Statement - Correct answer-Shows all revenues received and all expenses incurred over a specific period of time (NI = Revenue - Expenses) Statement of Retained Earnings - Correct answer-(RE = Beginning RI + NI - Dividends) Over a specific period of time. Balance Sheet - Correct answer-One of the three main financial statements. It is a snapshot of the firm's assets, liabilities, and equity at any point in time. Balance Sheet Equation - Correct answer-(Assets = Liabilities + Owner...

Income Statement - Answer- Shows all revenues received and all expenses incurred over a specific period of time (NI = Revenue - Expenses) Statement of Retained Earnings - Answer- (RE = Beginning RI + NI - Dividends) Over a specific period of time. Balance Sheet - Answer- One of the three main financial statements. It is a snapshot of the firm's assets, liabilities, and equity at any point in time. Balance Sheet Equation - Answer- (Assets = Liabilities + Owner's Equity) (Equity = A...