Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

The Financial Statements

Financial Accounting

1. Introduction to Accounting

The Financial Statements

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Multiple Choice

Which of the following would NOT be shown on the statement of partners' equity?

Total assets of the partnership

Withdrawals by partners

Partners' capital balances at the beginning of the period

Additional investments by partners

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Verified step by step guidance

Step 1: Understand the purpose of the statement of partners' equity. This financial statement is used to show changes in the equity accounts of the partners in a partnership during a specific period. It includes details such as beginning capital balances, additional investments, withdrawals, and the allocation of net income or loss.

Step 2: Analyze each option provided in the question to determine whether it is typically included in the statement of partners' equity. For example, withdrawals by partners and additional investments by partners are transactions that directly affect the partners' equity and are therefore included.

Step 3: Consider the partners' capital balances at the beginning of the period. These balances are essential for the statement of partners' equity because they serve as the starting point for tracking changes in equity during the period.

Step 4: Evaluate the option 'Total assets of the partnership.' Total assets are part of the balance sheet and represent the resources owned by the partnership. They are not related to the equity section and are therefore not shown on the statement of partners' equity.

Step 5: Conclude that the correct answer is 'Total assets of the partnership,' as it does not belong on the statement of partners' equity, unlike the other options which directly relate to changes in partners' equity.