1. The increase or decrease in the owner's equity is reported on the

A) income statement.

B) statement of owner's equity.

C) balance sheet.

2. This type of business organization is subject to income tax.

A) sole proprietorship.

B) partnership.

C) corporation.

D) All of the above.

D) All of these are correct.

3. The increase or decrease in the owner's equity is reported on the

A) income statement.

B) statement of owner's equity.

C) balance sheet.

D) All of these are correct.

Which two financial statements show results for a period of time?

A) The Balance Sheet and the Statement of Owner's Equity

B) The Balance Sheet and the Income Statement

C) The Statement of Owner's Equity and the Income Statement

D) Only one statement shows results for a period of time