Use the following information to answer questions

-Select the true statement (note: an answer may be true even if it does not identify all accounts that appear on that particular financial statement).
A)Account numbers 2,4,and 5 will appear on the income statement.
B)Account numbers 1,3,and 8 will appear on the balance sheet.
C)Account numbers 2,5,and 8 will appear on the statement of cash flows.
D)Account numbers 4,5,and 6 will appear on the statement of changes in equity.

Question

Use the following information to answer questions 
 
-Select the true statement (note: an answer may be true even if it does not identify all accounts that appear on that particular financial statement).
A)Account numbers 2,4,and 5 will appear on the income statement. 
B)Account numbers 1,3,and 8 will appear on the balance sheet. 
C)Account numbers 2,5,and 8 will appear on the statement of cash flows. 
D)Account numbers 4,5,and 6 will appear on the statement of changes in equity.

Quizplus · Accepted Answer

Account numbers 1, 3, and 8 are typically balance sheet accounts, which means they are reported on the balance sheet. Account numbers 2, 4, and 5 are typically income statement accounts, which means they are reported on the income statement. Account number 6 is typically a statement of changes in equity account, and account number 7 is not identified, so it is not possible to determine where it would appear. Account number 8 could also appear on the statement of cash flows, but it is not a guarantee.

Use the Following Information to Answer Questions