Question: Consider the following terms 1 Sales 2 Net earnings 3

Consider the following terms:
(1) Sales,
(2) Net earnings,
(3) Accumulated deficit,
(4) Unexpired costs,
(5) Prepaid expenses,
(6) Accounts receivable,
(7) Statement of earnings,
(8) Used-up costs,
(9) Net profits,
(10) Net income,
(11) Revenues,
(12) Retained earnings,
(13) Expenses,
(14) Statement of financial condition,
(15) Statement of income,
(16) Statement of financial position,
(17) Operating statement,
(18) Cost of goods sold.
Group the items into two categories, those on the income statement and those on the balance sheet. Answer by indicating the numbered items that belong in each group. Specify items that are assets and items that are expenses.

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  • CreatedFebruary 20, 2015
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