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1. What financial report shows the value of owner’s equity in a company at a point in time?
The Earned Value Management Report.
The Balance Sheet.
The Cash Flow Statement.
2. What type of financial transactions are shown in the Accounts Payable account on the Balance Sheet?
Money in the current assets category that is used to pay bills.
Money owed to suppliers for goods or services that have been received, but the bill has not been paid yet.
Money in the Cost of Good Sold (COGS) category for the amount of money that customers have paid for products or services.
3. On the Balance Sheet, what does the item Retained Earnings represent?
Net Income from the Earnings Statement that is not distributed to the owners through dividends.
Money set aside by the company to use for investment purposes.
Money that is withheld, or retained, by customers until a product is delivered, installed and tested.
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