The balance sheet is frequently referred to as（）
A. an operating statement
B. the statement of financial position
C. the statement of cash flows
D. the statement of owner’s equity
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A net loss will result during a time period when（）
A. liabilities exceed assets
B. drawings exceed investments
C. expenses exceed revenues
D. revenues exceed expenses
Revenues would not result from（）
A. sale of merchandise
B. initial investment of cash by owner
C. performance of services
D. rental of property
A business that enjoys limited liability is a（）
A. proprietorship
B. partnership
C. corporation
D. sole proprietorship
The left side of an account is（）
A. blank
B. a description of the account
C. the debit side
D. the balance of the account
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