ACTIVITY 101 WHICH FINANCIAL STATEMENT?

Purpose: Reinforce understanding of the information provided by each financial statement.

Circle the financial statement you would consult to find the following information.

BS = Balance sheet

IS = Income statement

SE = Statement of stockholders equity

CF = Statement of cash flows

Not = Not found on any of the financial statements

FINANCIAL STATEMENTS

(Circle only one correct answer)

a. Rental costs incurred this year. (BS / IS / SE / CF / Not)

b. Rental costs paid this year. (BS / IS / SE / CF / Not)

c. Rental costs still owed. (BS / IS / SE / CF / Not)

d. Cost of equipment allocated to this accounting period. (BS / IS / SE / CF / Not)

e. Equipment book value (carrying value). (BS / IS / SE / CF / Not)

f. Market value of equipment purchased ten years ago. (BS / IS / SE / CF / Not)

g. Accrual-basis accounting used to compute operating results. (BS / IS / SE / CF / Not)

h. Cash-basis accounting used to compute operating results. (BS / IS / SE / CF / Not)

i. Noncash investing and financing activities. (BS / IS / SE / CF / Not)

j. Market value of investments in the short-term trading portfolio. (BS / IS / SE / CF / Not)

k. Market value of the common stock issued by the corporation. (BS / IS / SE / CF / Not)

l. Amounts contributed by common shareholders this year. (BS / IS / SE / CF / Not)

m. Inventory remaining unsold at the end of the accounting period. (BS / IS / SE / CF / Not)

n. Cost of inventory sold during the accounting period. (BS / IS / SE / CF / Not)

o. If we use the FIFO inventory cost flow assumption, the

most recent inventory costs will end up on this statement. (BS / IS / SE / CF / Not)

p. Evaluate how assets are currently being financed. (BS / IS / SE / CF / Not)

q. Financial statement reporting amounts as of a certain date. (BS / IS / SE / CF / Not)

ACTIVITY 101 WHICH FINANCIAL STATEMENT? Purpose: statement. Reinforce understanding of the information provided by each financial Circle the financial statement you would consult to find the following information. BS = Balance sheet IS = Income statement SE = Statement of stockholders' equity CF = Statement of cash flows Not = Not found on any of the financial statements FINANCIAL STATEMENTS (Circle only one correct answer) a. Rental costs incurred this year. (BS / IS / SE / CF / Not) b. Rental costs paid this year. (BS / IS / SE / CF / Not) c. Rental costs still owed. (BS / IS / SE / CF / Not) d. Cost of equipment allocated to this accounting period. (BS / IS / SE / CF / Not) e. Equipment book value (carrying value). (BS / IS / SE / CF / Not) f. Market value of equipment purchased ten years ago. (BS / IS / SE / CF / Not) g. Accrual-basis accounting used to compute operating results. (BS / IS / SE / CF / Not) h. Cash-basis accounting used to compute operating results. (BS / IS / SE / CF / Not) i. Noncash investing and financing activities. (BS / IS / SE / CF / Not) j. Market value of investments in the short-term trading portfolio. (BS / IS / SE / CF / Not) k. Market value of the common stock issued by the corporation. (BS / IS / SE / CF / Not) l. Amounts contributed by common shareholders this year. (BS / IS / SE / CF / Not) m. Inventory remaining unsold at the end of the accounting period. (BS / IS / SE / CF / Not) n. Cost of inventory sold during the accounting period. (BS / IS / SE / CF / Not) o. If we use the FIFO inventory cost flow assumption, the most recent inventory costs will end up on this statement. (BS / IS / SE / CF / Not) p. Evaluate how assets are currently being financed. (BS / IS / SE / CF / Not) q. Financial statement reporting amounts as of a certain date. (BS / IS / SE / CF / Not)