Unformatted text preview: Statement, and some of the revenue and expense accounts appear on the Balance Sheet. T 7. If there was no need to prepare the Income Statement then there would be no need to have revenue and expense accounts. T 8. A company will have a Net Loss when the sum of all the expense accounts is greater than the sum of all the revenue accounts. F 9. When a sale is made to a customer on credit, there is no entry made to the Sales Revenue account because no cash has been received. T 10. The Retained Earnings amount needed for the Balance Sheet can be calculated as follows: Retained Earnings at the beginning of the period, plus the sum of the revenue account balances, less the sum of the expense account balances....
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This note was uploaded on 12/17/2010 for the course ACC 311 taught by Professor Charrier during the Fall '08 term at University of Texas.
- Fall '08