1. Which of the following relationships cannot be derived from the accounting equation
1 Assets - Liabilities = Shareholder's Equity.
2 Shareholder's Equity + Liabilities = Assets.
3 Assets - Shareholder’s Equity = Liabilities.
4 Liabilities + Assets = Shareholder’s Equity.
2. An income statement communicates information regarding revenues and expenses:
1 For a period of time.
2 At a given point in time.
3 For some point of time in the future.
4 At the beginning of the fiscal year