Of the following financial reports, which one is the one that will determine if the accounting equation is in balance?
A) Journal entry
B) Income statement
C) Trial balance
D) Account reconciliation
C
You might also like to view...
On a multi-step income statement, which of the following is added to operating income to arrive at net income?
A) sales revenue B) interest expense C) sales discounts forfeited D) operating expenses
When preparing the monthly production budget, the desired ending inventory of August is:
a. the beginning inventory for September. b. the cost of goods sold for August. c. the cost of goods sold for July. d. the beginning inventory for August.
Two students agree to run Saturday dances and to split whatever money they make. There is absolutely no talk of partnership. Which of the following is TRUE?
A) The students are not partners because they did not agree to be partners. B) The students are not partners because they do not have a written partnership agreement. C) The students are partners because they agreed to share profits. D) The students are partners because every business agreement between two people creates a partnership. E) The students are not partners because one of the indicia of partnership is missing.
Naomi Holden is breaking down and classifying costs of her small business to determine which are associated with specific marketing efforts and then comparing these costs with results. Naomi is engaging in
A. sales analysis. B. marketing cost analysis. C. market share analysis. D. production cost analysis. E. profit and loss analysis.