Louisiana State University, Shreveport ACCT 701 Chapter 2 Self-Test Indicate whether each of the following statements is true or false. 1)The three forms of business organizations are single proprietorship, partnership, and trust. The three types of business activity are service, merchandising, and manufacturing. The income statement shows the profitability of the company and is dated as of a particular date, such as 2010 December 31. The statement of retained earnings shows both the net income for the period and the beginning and ending balances of retained earnings. The balance sheet contains the same major headings as appear in the accounting equation.

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Louisiana State University, Shreveport ACCT 701 Chapter 2 Self-Test Indicate whether each of the following statements is true or false

Accounting Jul 03, 2021

Louisiana State University, Shreveport

ACCT 701

Chapter 2 Self-Test Indicate whether each of the following statements is true or false.

1)The three forms of business organizations are single proprietorship, partnership, and trust.

The three types of business activity are service, merchandising, and manufacturing.
The income statement shows the profitability of the company and is dated as of a particular date, such as 2010 December 31.
The statement of retained earnings shows both the net income for the period and the

beginning and ending balances of retained earnings.

The balance sheet contains the same major headings as appear in the accounting equation.

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