Intermediate Acct. Ch.3

  1. The financial statement that shows the financial condition of the enterprise at the end of a period is the?
    balance sheet
  2. Which of the following are reported in the stockholders' equity section of the balance sheet?
    Common stock and retained earnings.
  3. The adjusting entry to record revenue that has been earned, but was previously recorded as unearned results in a debit to?
    A liability account and a credit to a revenue account.
  4. If the adjusting entry for an accrued expense is not made?
    Liabilities will be understated.
  5. In the closing process all of the revenue and expense account balances are transferred to the?
    Income Summary account.
  6. Which one of the following appears in both the income statement and balance sheet columns of a work sheet?
    Net income.
Card Set
Intermediate Acct. Ch.3