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  • 1. 
    The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the
  • 2. 
    The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the
  • 3. 
    A company disposes of equipment that it no longer uses in its business. The amount received by the company is more than the amount the asset is carried at in the accounting records. The company will report a(n) ________
    • A. 

      Expenses

    • B. 

      Gain

    • C. 

      Revenue

    • D. 

      Loss

  • 4. 
    On December 1 a company borrowed RM 100,000 at 12% per year. The interest will be paid quarterly, with the first payment due on March 1. What should the company report on its income statement for December?
    • A. 

      Interest expenses of RM 1,000

    • B. 

      Nothing

  • 5. 
    Financial accounting is focused on the internal financial statements of a company.
    • A. 

      False

    • B. 

      True