For each of the items listed below, indicate the financialstatement (or statemen

Question

For each of the items listed below, indicate the financialstatement (or statement) for which the information is true. Use theI to indicate income statement,B to indicate balance sheet, andSE to indicate statement ofstockholders’ equity. It the item below is not true for anyof the three financial statements, indicate with anN.

1.    The statement providesinformation about resources consumed during the accountingperiod.

2.    The portion of profitsthat were distributed to owners of the firm is disclosed.

3.    The current market valueof the firm’s resources is reported.

4.    The statement is dated asof a specific point in time,

5.    The amounts that are owedto other organizations or individuals are reported.

6.    The total amount ofcapital that has been contributed to the organization isreported.

7.    The amount of capital thathas been contributed to the organization during the accountingperiod just ended is reported.

8.    Information is reportedregarding the rewards that have been earned from serving customersduring the accounting period just ended.

9.    The statement is not as ofa specific date, but covers a period of time.

10. Reports information that has beendeveloped on the accrual basis.

11. The statement contains informationabout the financial sacrifices that were made to acquireresources.

12. The statement contains informationconcerning contributed capital.

13. The statement contains informationconcerning results of operating activities.

14. The amount of stock sold during theaccounting period just ended is disclosed.

15. The information provided links twoother statements.

Explanation / Answer

1 N 2 SE 3 N 4 B 5 B 6 B 7 SE 8 N 9 B 10 I 11 N 12 SE 13 I 14 I 15 I

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