AcctPeachtree789 - Pg 250 T/F Pg 269 MC Pg314 MC 7.1 7.2...

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Pg 250 T/F; Pg 269 MC; Pg314 MC; 7.1, 7.2, 8.1, 8.2, 9.1 and 9.2 Chapter 7: Short Answer Questions pg. 250 Type the word True in the space provided if the statement is true. If the statement is not true, type the correct answer. 1. Peachtree automatically calculates financial statements once journal entries have been journalized and posted. 2. In Chapter 7, you printed three financial statements. In Chapter 7, you printed six financial statements. 1. Balance Sheet, 2. Gross Profit by Dept., 3. Income Statement, 4. Statement of Cash Flow, 5. Statement of Retained Earnings, 6. Statement of Changes in Fin. Position (SCFP) 3. The statement of cash flow is roughly the same thing as a balance sheet. The statement of cash flow is roughly the same thing as income from operations plus depreciation, depletion, and adjusted for any other operating transactions that had no effect on cash during the period. 4. The balance sheet lists the revenues and expenses of the business.
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The balance sheet is a list of assets, liabilities, and capital of a business entity as of a specific date, such as the last day of an accounting period or the last day of the year. 5. The income statement is a summary of the revenue and expenses of a company for a period of time, such as an accounting period or a year. The income statement is a summary of the revenue and expenses a company accrues over a period of time, such as an accounting period or a year.
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