The Financial Statement That Lists the Revenue and Expense Accounts

question 155

Multiple Choice

The financial statement that lists the revenue and expense accounts is referred to as the:

• A)statement of owner's equity.
• B)balance sheet.
• C)cash flow statement.
• D)income statement.

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Definitions:

Revocable

means capable of being withdrawn, cancelled, or reversed, often used in the context of trusts or agreements.

Notification of Revocation

The formal process of informing parties involved that a decision, offer, or agreement has been cancelled or withdrawn.

Assignor's Death

In contract law, the death of the assignor does not necessarily terminate the assignment unless the contract stipulates otherwise.

Delegable Duties

Delegable Duties are responsibilities or tasks that can be transferred or assigned from one party to another, typically in a work or contract context.