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Book Cover
Financial and Managerial Accounting: The Basis for Business Decisions, 12/e
Jan R. Williams, University of Tennessee
Susan F. Haka, Michigan State University
Mark S. Bettner, Bucknell University
Robert F. Meigs
Basic Financial Statements

True/False Quiz

Please answer all questions



1

The cost principle states that the activities of an entity should be kept separate from those of its owner.
A)True
B)False
2

The accounting equation may be stated as "assets plus liabilities equals stockholder's equity."
A)True
B)False
3

The payment of a liability causes an increase in stockholder's equity
A)True
B)False
4

The income statement reports on the financial performance of a company in terms of earning revenue and incurring expenses at a point in time.
A)True
B)False








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