The Statement of Financial Position Columns of the Worksheet Contain

question 121

Multiple Choice

The Statement of Financial Position columns of the worksheet contain data for what financial statement?

• A)Income Statement.
• B)Retained Earnings Statement.
• C)Statement of Cash Flows.
• D)None.

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Definitions:

Normal Balance

The side of an account (either debit or credit) expected to have a higher balance based on standard accounting practices.

Financial Statement

A structured report on the fiscal operations and condition of an organization, individual, or any other body.

Permanent/Temporary

Describes accounts that are either not closed at the end of the accounting period (permanent) or are closed and reset (temporary).

Normal Balance

The side (debit or credit) of an account that is increased. For assets and expenses, it is the debit side; for liabilities, equity, and revenues, it is the credit side.