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 is NOT considered a financial statement?

Trial Balance

Statement of Cash Flows

Balance Sheet

Income Statement

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Verified step by step guidance

Understand the concept of financial statements: Financial statements are formal records of the financial activities and position of a business, person, or other entity. Common examples include the Balance Sheet, Income Statement, and Statement of Cash Flows.

Clarify the purpose of each financial statement: The Balance Sheet provides a snapshot of the company's financial position at a specific point in time. The Income Statement shows the company's financial performance over a period, including revenues and expenses. The Statement of Cash Flows details the inflows and outflows of cash during a period.

Define the Trial Balance: The Trial Balance is a bookkeeping worksheet that lists all ledger accounts and their balances at a specific point in time. It is used to ensure that total debits equal total credits, but it is not considered a formal financial statement.

Compare the Trial Balance to financial statements: Unlike financial statements, the Trial Balance is an internal document used for accounting purposes and does not provide a comprehensive view of the company's financial position or performance.

Conclude that the Trial Balance is NOT considered a financial statement, as it serves a different purpose and is not part of the formal reporting process.