A statement of owner's equity reports the changes in the owner's equity for a period of time. True False True ANSWER: Easy DIFFICULTY: Remembering Bloom’s: ACCT.WARD.16.01-05 - 01-05 LEARNING OBJECTIVES: ACCT.ACBSP.APC.09 - Financial Statements ACCREDITING STANDARDS: ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The statement of cash flows consists of three sections: cash flows from operating activities, cash flows from income activities, and cash flows from equity activities. True False False ANSWER: Easy DIFFICULTY: Remembering Bloom’s: ACCT.WARD.16.01-05 - 01-05 LEARNING OBJECTIVES: ACCT.ACBSP.APC.09 - Financial Statements ACCREDITING STANDARDS: ACCT.ACBSP.APC.24 - Statement of Cash Flows ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The balance sheet represents the accounting equation. True False True ANSWER: Easy DIFFICULTY: Remembering Bloom’s: ACCT.WARD.16.01-05 - 01-05 LEARNING OBJECTIVES: ACCT.ACBSP.APC.09 - Financial Statements ACCREDITING STANDARDS: ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Net income and net profit do mean the same thing. not True False False ANSWER: Easy DIFFICULTY: Remembering Bloom’s: ACCT.WARD.16.01-05 - 01-05 LEARNING OBJECTIVES:
A statement of owner's equity reports the changes in the owner's equity for a period of time. True False ANSWER: True DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-05 - 01-05 ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The statement of cash flows consists of three sections: cash flows from operating activities, cash flows from income activities, and cash flows from equity activities. True False ANSWER: False DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-05 - 01-05 ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 - Financial Statements ACCT.ACBSP.APC.24 - Statement of Cash Flows ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The balance sheet represents the accounting equation. True False ANSWER: True DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-05 - 01-05 ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Net income and net profit do not mean the same thing. True False ANSWER: False DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-05 - 01-05