Question

The following table lists a variety of accounts commonly seen in financial statements. Identify whether each account appears on the balance sheet as an asset, liability, or equity account; or whether it appears on the income statement as a revenue or expense.
Account Asset Liability Equity Revenue Expense
Accounts Payable
Property, plant, and equipment
Inventories O Long-term debt
Cost of goods sold Retained earnings
Research and development
Prepaid expenses
Common stock
Accounts Receivable

Answer 1

Answer:

Particulars                                      Type          Appearance

Account Payable                            Liability      Balance Sheet

Property, plant and equipment     Asset          Balance Sheet

Inventories                                      Asset          Balance Sheet

Long term Debt                              Liability       Balance Sheet

Cost of Goods Sold                        Expense     Income statement

Retained Earnings                          Equity          Balance Sheet

Research and Development          Expense      Income statement

Prepaid Expenses                           Asset          Balance Sheet

Common Stock                                Equity         Balance Sheet

Account Receivable                        Asset           Balance