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Classification of items into Assets, Liabilities and Owner's Equity

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Listed below are a number of financial statement captions. Indicate in the spaces to the right of each caption (1) the category of each item, and (2) the financial statement(s) on which the item can usually be found.

Assets: A
Liabilities: L
Owner's Equity: OE
Revenue: R
Expense: E
Gain: G
Loss: LS

Financial Statement
Balance Sheet: BS
Income Statement: IS
Statement of Changes in Owner's Equity: SOE

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The expert examines classification of items into assets, liability and owner's equity.

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Accounts receivable: A, BS
Cost of goods sold: E, IS
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