The balance sheet reports the final balances of the permanent accounts at the end of the fiscal period.

The balance of the revenue account is transferred to the ____.

If a business has a net income for the period, the journal entry to close the balance of the Income Summary account is ____.

Closing entries are used to transfer the net income or net loss for the accounting period to the ____.

____ are the prices paid for goods or services used to operate a business.

Assets = Liabilities + Owner's Equity is called the ____.

An economic event that causes a change in assets, liabilities, or owner's equity is called a(n) ____.

____ is the amount of money owed to a business's creditors.

The total amount of money to be received in the future for goods or services sold on credit is the ____.

Anything of value that is owned or controlled by an individual or a business is called ____.

The debts of a business are called its ____.

Any property or item of value owned by a business is a(n) ____.

The balance sheet is prepared before the statement of changes in owner's equity.

Financial reports are often prepared in pencil.

The income statement represents the basic accounting equation.

A net income will increase the owner's capital account.

The heading is the same on all three financial statements.

The revenue, expense, and the Income Summary accounts are included on the statement of changes in owner's equity.

The information on the statement of changes in owner's equity is used in preparing the income statement.

Net income or net loss is the difference between total revenue and total expenses over a specific period of time.

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