The Financial Statement That Shows Business Results in Terms of Revenue

question 169

Multiple Choice

The financial statement that shows business results in terms of revenue and expenses is

• A) an income statement.
• B) a balance sheet.
• C) a statement of owner's equity.
• D) the expanded accounting equation.

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Definitions:

Social Responsibility

The practice of businesses making decisions and taking actions that positively impact society and the environment, beyond their financial obligations.

Ethically Questionable Actions

Activities or decisions that raise concerns regarding their adherence to moral or ethical standards.

Whistle-blowing

Whistle-blowing involves exposing any kind of information or activity that is deemed illegal, unethical, or not correct within an organization.

Social Audits

Formal procedures that identify and evaluate all company activities that relate to social issues such as conservation, employment practices, environmental protection, and philanthropy.