Which of these would you only see on an accrual basis financial statement? Check all that apply.
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Owner's Equity
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Long-term Assets
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Depreciation Expense
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Inventory
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Loans
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Cash
Q2.
Homework Answers
Q1. On the basis of accrual basis of accounting, the following items would be part of financial statements:
Depreciation expense would be part of only accrual basis of financial statement. In cash basis of accounting, transactions are recorded only on cash basis. Hence depreciation would be recorded only sale of asset transactions.
Q2. The items be classified as:
Income Statement - Total expenses, Total sales
Balance Sheet - Profits reinvested in company, Total assets, Total debts
Owner's Equity Statement - Profit reinvested in company, Money put into company
Cash Flow statement - Cash that left company, where did it go? , Cash brought in
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Which of these would you only see on an accrual basis financial
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