Answer the following questions:
1. What specific names have been given to the three accounting reports we have discussed?
2. What is the order of the preparation of the accounting reports? Why?
3. What is the name of the accounting report that may show either. net profit or net loss for an accounting period?
4. What are the two main parts of the body of the income statement known as?
S. If total revenue exceeds total expenses for an accounting period, what is the difference called?
6. Whet accounting report shows the change that may take place in proprietorship during the accounting period?
7. What ere the two primary items thae bring about a change in proprietorship during the accounting period?
8. What business record shows the results of the proprietor's borrowing assets from the business, usually in anticipation of profits?
9. What temporary capital records are found in the income statement?
10. What temporary capital record appears on the statement of capital?
11. In the body of balance sheet, what are the two sections called?
12. Of the two forms of the balance sheet, which form more closely approximates the accounting equation in fonn?