1. The three common forms of business organizations are 2. The difference between the increases(including the beginning balance) and decreas recorded in an account is called the account 3. Assets= Liabilities Owner's Equity\is called the equation or balance sheet equation 4 An economic event that changes the financial position of an organization, and that often
Task Team of FUNdaMENTAL aCCOUNtIng School of Business. Sun Yat-sen University Lesson 9 Financial Statements Self-Test 1. True or false 1) Financial statements are standard documents that tell us, in financial terms, how well a business is performing and where it stand 2) Net income equals total revenues and gains less total expenses and losses
Task Team of FUNDAMENTAL ACCOUNTING School of Business. Sun Y at-sen University Lesson 11 Understanding Accounting standards Self-Test True and False Questions I. Accounting standards are laws accountants should follow in their work 2. The scandals, such as Enron and the Yinguangxia, happened because the accounting
