Question and answer
6. The terms "profit and loss statement" or "operating statement" are sometimes used as synonyms for the balance sheet. (Points : 1) True False
The terms "profit and loss statement" or "operating statement" are sometimes used as synonyms for the balance sheet. This is FALSE. They are used as synonyms for the income statement.
Question
Asked 2/3/2015 10:23:25 AM
Updated 2/7/2015 11:07:55 AM
1 Answer/Comment
Get an answer
New answers
Rating
3
The terms "profit and loss statement" or "operating statement" are sometimes used as synonyms for the balance sheet. This is FALSE. They are used as synonyms for the income statement.
Added 2/7/2015 11:07:55 AM
This answer has been confirmed as correct and helpful.
Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
Questions asked by the same visitor
5. A business that makes a product to sell is called a manufacturing business. (Points : 1) True False
Question
Not Answered
Updated 2/3/2015 10:38:55 AM
1 Answer/Comment
A business that makes a product to sell is called a manufacturing business. TRUE.
Added 2/3/2015 10:38:55 AM
This answer has been confirmed as correct and helpful.
13. The capital account (Points : 1) decreases with increased revenue. increases with increased expenses. has a normal balance of a debit. increases when the owner invests money in the business.
Question
Not Answered
Updated 2/5/2015 7:15:39 PM
1 Answer/Comment
The Capital account increases when the owner invests money in the business.
Added 2/5/2015 7:15:39 PM
This answer has been confirmed as correct and helpful.
16. Examples of revenue accounts include all of the following EXCEPT (Points : 1) Wages. Sales. Delivery Fees. Professional Fees.
Question
Updated 11/25/2017 11:52:49 AM
1 Answer/Comment
Examples of revenue accounts include all of the following EXCEPT wages.
Added 11/25/2017 11:52:49 AM
This answer has been confirmed as correct and helpful.
Confirmed by yumdrea [11/25/2017 12:54:24 PM]
18. A debit (Points : 1) is on the left side. decreases assets. increases liabilities. increases owner's equity.
Question
Updated 2/5/2015 7:14:16 PM
1 Answer/Comment
A debit is on the left side.
Added 2/5/2015 7:14:16 PM
This answer has been confirmed as correct and helpful.
22. A trial balance is taken periodically to check the equality of the debits and credits. (Points : 1) True False
Question
Not Answered
Updated 12/20/2017 8:46:57 AM
1 Answer/Comment
A trial balance is taken periodically to check the equality of the debits and credits. True.

Added 12/20/2017 8:46:57 AM
This answer has been confirmed as correct and helpful.
Confirmed by yumdrea [12/20/2017 9:33:50 AM]
29,326,862
questions answered
GET
Answers.
GET THE APP.
weegy*
*
Get answers from Weegy and a team of really smart live experts.
Popular Conversations
A feature that is not the direct result of glaciation is a(n): ...
Weegy: A feature that is not the direct result of glaciation is a striation.
2/12/2019 10:45:27 PM| 8 Answers
Antoine is making a banner in the shape of a triangle. He wants to ...
Weegy: The border will be 33b- 8 long.
2/15/2019 4:26:02 AM| 6 Answers
Google is the most popular
Weegy: Google is the most popular search engine.
2/18/2019 7:44:47 AM| 5 Answers
What is Team STEPPS?
2/13/2019 11:41:09 AM| 3 Answers
S
R
L
R
P
R
P
R
R
R
R
P
R
P
P
P
L
Points 2013 [Total 6836] Ratings 14 Comments 1873 Invitations 0 Offline
S
L
1
R
Points 1363 [Total 1615] Ratings 23 Comments 1053 Invitations 8 Offline
S
L
P
C
Points 1181 [Total 2488] Ratings 6 Comments 1121 Invitations 0 Offline
S
L
Points 460 [Total 571] Ratings 16 Comments 290 Invitations 1 Offline
S
L
Points 446 [Total 1507] Ratings 4 Comments 406 Invitations 0 Offline
S
L
Points 433 [Total 433] Ratings 0 Comments 13 Invitations 42 Offline
S
L
Points 295 [Total 295] Ratings 5 Comments 15 Invitations 23 Offline
S
L
Points 174 [Total 174] Ratings 1 Comments 4 Invitations 16 Offline
S
L
Points 162 [Total 162] Ratings 0 Comments 2 Invitations 16 Offline
S
L
Points 103 [Total 103] Ratings 0 Comments 13 Invitations 9 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.