Financlal statements Each of the following items is shown on the financial statements of Exxon Mobil Corporation (XOM): a. Identify the financial statement (balance sheet or income statement) in which each item would appear. b. Can an item appear on more than one financial statement? c. Is the accounting equation relevant for Exxon Mobil Corporation? Explain. the accounting equation ; relevant to all companies. The accounting equation is the basis for accounting systems