The best way to describe and define the three primary financial statements is as follows: A Balance Sheet illustrates What a company OWNS & OWES at any moment in time. . An Income Statement Illustrates [ Select ] What a company OWNS & OWES at any moment in time. What are the companies PROFITS or LOSES over a period of time. A summary of the MONEY flowing into and out of a company. What are the companies PROFITS or LOSES at any given moment. What a company OWNS & OWES over a period of time. A Statement of Cash Flows illustrates [ Select ] What are the companies PROFITS or LOSES at any given moment. What a company OWNS & OWES at any moment in time. What a company OWNS & OWES over a period of time. What are the companies PROFITS or LOSES at any given moment. A summary of the MONEY flowing into and out of a company.多重下拉选择题

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This question is a repeat of what you have learnt in week 2. Check your memory to see if you remember which statement each item belongs to. This is fundamental accounting basics! Hopefully, your knowledge and understanding has grown since you did this question in week 2 :) Which financial statement will the following items be shown on?  To find the solution: Identify what group each item belongs to: is the item an asset, liability, equity, revenue or expense?  Once you know which group it belongs to, you can then select the statement it will be included on:  Assets, liabilities and equity --> Balance sheet.  Revenue and expenses --> Profit and loss statement.  1: Cost of sales 2: Furniture 3: Share capital 4: Sales revenue 5: Unearned revenue 6: Retained earnings, closing balance 7: Bank loan 8: Salary payable 9: Salary expense 10: Prepaid insurance 11: Insurance expense

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