Match each element with its financial statement using the following 4 options.
Homework Answers
| Element | Financial Statement | Remarks | |
| (1) | Expenses | Statement of earnings | Expenses show the amount of resources used in the business to earn the revenue. |
| (2) | Cash flow from investing activities | Statement of cash flows | Cash payment for equipment, Cash receipts for sales of investment is the best examples of investing activities. |
| (3) | Assets | Statement of financial position | Cash accounts receivable, inventory, land, plant, and equipment are the best examples of assets. |
| (4) | Dividends | Statement of shareholder's equity | Dividends are deducted from the retained earnings. Retained earnings is reported under the shareholder's equity. |
| (5) | Revenues | Statement of earnings | Revenue shows the amount of sales revenue and service revenue earned during the accounting period. |
| (6) | Cash flow from operating activities | Statement of cash flows | Cash receipts from customers, Cash payment for inventory purchases, and other expenses are the best examples of operating activities. |
| (7) | Liabilities | Statement of financial position | Accounts payable, accrued expense, notes payable and bonds payable are the best examples of liabilities. |
| (8) | Cash flow from financing activities | Statement of cash flows | Cash receipts by issuing the bonds payable and common stock, dividends paid are the best examples of financing activities. |
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Match each element with its financial statement using the
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