Question

question 5 (1 point)
match the financial statement with its description
reports the revenues and
expenses for a period of
time

1. balance sheet

shows the financial
position of a company at a
specific point in time

1. income statement

question 6 (1 point)
temporary accounts typically fall under which of the following categorys of
accounts? (select all that apply)
assets
liabilities
expenses
revenues

Explanation:

Question 5

• For the first description "Reports the revenues and expenses for a period of time", this matches the Income Statement (2), as the Income Statement shows a company's revenues and expenses over a period.
• For the second description "Shows the financial position of a company at a specific point in time", this matches the Balance Sheet (1), as the Balance Sheet provides a snapshot of assets, liabilities, and equity at a specific moment.

Temporary accounts are closed at the end of an accounting period. Revenues and Expenses are temporary accounts (they are closed to Retained Earnings). Assets and Liabilities are permanent accounts (they are carried over from period to period).

Answer:

• "Reports the revenues and expenses for a period of time" : 2. Income Statement
• "Shows the financial position of a company at a specific point in time" : 1. Balance Sheet

Question 6