NAME ______________________________
Date ________
Activity 1
THE FINANCIAL STATEMENTS
Objectives :
1. Classify items in its respective financial statement
2. Identify the placement of items in the financial statement
Instruction :
Classify the following items, in column A write BS if it is a Balance Sheet item and IS if it is an
Income Statement Item . In column (b) write A if it is a asset item, L, if it is a Liability Item, OE if its is an
owner’s Equity item, I if it is an income item and E it is an Expense item . (40 pts)
Particulars
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Long term loans Payable
Intangible Asset
Accrued compensation
Accounts Payable
Income on deposit
Cash
Investments
Revenue
Operating expense
Retained Earnings
Property , Plant and
Equipment
Common Stock
Inventories
Accumulated Depreciation
Goodwill
Postage, telephone, cable
Cost of Good sold
Accounts Receivable
Sales
Interest expense
Financial
Statement (a)
Placement
(b)