For each description, identify with an X whether the item is either an asset (A), liability (L) or shareholders' equity (SE) account on the balance sheet or a revenue (R) or expense (E) on the income statement.
There is only one correct answer for each description.
Income
Balance Sheet Statement
Description: A L SE R E
1. Resources available for future use
2. Accounts payable
3. Amounts not yet collected from customers
4. Cost of goods sold
5. Prepaid insurance
6. Past profits kept by the company
Question 2
A(n) ___________________ _ consists of a stamp or written signature and in some cases other important information on the back of the check.
Fill in the blank(s) with correct word
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