When Preparing the Financial Statements for a Company

question 70

Multiple Choice

When preparing the financial statements for a company:

• A)the report format of the income statement lists liabilities before assets.
• B)the account format for the balance sheet lists the assets on the left and liabilities and stockholders' equity on the right.
• C)the multistep balance sheet lists assets in order of their liquidity.
• D)the single-step income statement reports more subtotals than a multistep income statement.

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