1 Accounts receivable will appear on which of the following

1. Accounts receivable will appear on which of the following financial statements?

a) Balance sheet

b) Statement of changes in stockholders’ equity

c) Statement of cash flows

d) Income statement

2. Accounts payable will appear on which of the following financial statements?

a) Balance sheet

b) Statement of changes in stockholders’ equity

c) Statement of cash flows

d) Income statement

Solution

1.

Accounts receivable will.appear on the balance sheet of the financial statements.

Accounts receivable is a current asset and hence is represented on the assets side of the balance sheet.

2.

Accounts payable will appear on the balance sheet of the financial statements.

Accounts payable is a current liability and hence represented on the liability side of the balance sheet.