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

A list of the general ledger accounts and their balances at a particular date is a:

Income statement

Statement of cash flows

Trial balance

Balance sheet

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Verified step by step guidance

Understand the concept of a trial balance: A trial balance is a list of all general ledger accounts and their balances at a specific point in time. It is used to ensure that total debits equal total credits, verifying the accuracy of the bookkeeping process.

Differentiate between the financial statements mentioned: The income statement shows revenues and expenses over a period, the statement of cash flows details cash inflows and outflows, and the balance sheet provides a snapshot of assets, liabilities, and equity at a specific date.

Recognize that the trial balance is not a financial statement but a tool used in the accounting process to prepare financial statements.

Identify the purpose of the trial balance: It helps accountants detect errors in the ledger and serves as the basis for preparing the financial statements.

Conclude that the correct answer is 'Trial balance' because it matches the description of a list of general ledger accounts and their balances at a particular date.