ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic The excess of revenue over the expenses incurred in earning the revenue is called capital. True False False ANSWER: Easy DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-05 - LO: 01-05 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic The primary financial statements of a corporation are the income statement, retained earnings statement, and the balance sheet. True False False ANSWER: Easy DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-05 - LO: 01-05 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic An income statement is a summary of the revenues and expenses of a business as of a specific date. True False False ANSWER: Easy DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-05 - LO: 01-05 LEARNING OBJECTIVES: ACCT.ACBSP.APC.09 - Financial Statements ACCREDITING STANDARDS: ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic A retained earnings statement reports the changes in the retained earnings for a period of time. True False True ANSWER: Easy DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-05 - LO: 01-05 LEARNING OBJECTIVES: ACCT.ACBSP.APC.09 - Financial Statements ACCREDITING STANDARDS: ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic
ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic The excess of revenue over the expenses incurred in earning the revenue is called capital. True False ANSWER: False DIFFICULTY: Easy Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-05 - LO: 01-05 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic The primary financial statements of a corporation are the income statement, retained earnings statement, and the balance sheet. True False ANSWER: False DIFFICULTY: Easy Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-05 - LO: 01-05 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic An income statement is a summary of the revenues and expenses of a business as of a specific date. True False ANSWER: False DIFFICULTY: Easy Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-05 - LO: 01-05 ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic A retained earnings statement reports the changes in the retained earnings for a period of time. True False ANSWER: True DIFFICULTY: Easy Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-05 - LO: 01-05 ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic
FinMan_Chapter_01_Introduction_to_Accounting_and_Business.docx