5 Questions on Financial Statements

How well do you know Financial Statements? Try to answer these 5 questions:

1. Which Financial Statement includes "Cash Receipts from Customers"?
2. Where can you find "Accounts Receivable"?
3. Where would you look for a business's "Cost of Goods Sold"?
4. Where can you find "Decrease in Payables"?
5. Where would you look for a business's "Retained Earnings"?

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[AccountingStuff]

How many did you get right?

ANSWERS ⬇️

1. "Cash Receipts from Customers" is included on the Cash Flow Statement (or Statement of Cash Flows). When using the Direct Method, you can find it under Cash Flow from Operating Activities.
2. "Accounts Receivable" lives in the Assets section of the Balance Sheet (or Statement of Financial Position).
3. "Cost of Goods Sold" is a type of Expenses and can be found on the Income Statement (or Statement of Profit and Loss). It’s right above Gross Profit.
4. "Decrease in Payables" is on the Cash Flow Statement. It’s a movement in Working Capital and can be found under Cash Flow from Operating Activities when using the Indirect Method.
5. "Retained Earnings" lives in the Equity section of the Balance Sheet.

Head to accountingstuff.com for more practice questions like this.

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[kingkey]

4/5. Accounting major here. Wish me luck on my exam for my finance class. Keep the quizzes coming!

[BryanMuzumi]

5/5🎉the quality of the content on this channel is priceless

[candyluna]

I am getting them. I got most right. But I am on those topics now!!! I am learning through Alison and watching your videos. Then I am going to invest in courses.

[donmac]

I always get messed up with accouts receivable hahaha. Keep thinking its on the income statement.

[miselokulula]

3/5 missed it on decrease in payables and retained earnings

[sammyjorbe]

Can you talk more about trading profit and loss account