Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 1 - Introduction to Financial Statements - Brief Exercises: BE1-6

Answer

a) IS b) BS c) BS d) BS e) BS f) IS g) IS h) BS i) BS j) IS

Work Step by Step

(a), (g) and (j) are expenses. Expenses are shown on the income statement. (b), (e) and (i) are assets. Assets are shown on the balance sheet. (c) is a liability. Liabilities are shown on the balance sheet. (d) and (h) are types of equity. Equity appears on the balance sheet. (f) is a type of revenue. Revenue appears on the income statement.
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