Which financial statement will the following items be shown on?  1: Cost of sales 2: Furniture 3: Share equity 4: Sales revenue 5: Unearned revenue 6: Retained earnings 7: Bank loan 8: Salary payable 9: Salary expense 10: Prepaid insurance 11: Insurance expense匹配题

A

Profit and loss statement.

B

Balance sheet/Statement of financial position.

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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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