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 correctly describes the various financial statements?

The balance sheet reports a company's assets, liabilities, and equity at a specific point in time.

The statement of cash flows reports revenues and expenses for a period.

The income statement shows only cash inflows and outflows during a period.

The statement of retained earnings lists only the company's liabilities and equity.

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Verified step by step guidance

Step 1: Begin by understanding the purpose of each financial statement. The balance sheet provides a snapshot of a company's financial position at a specific point in time, detailing assets, liabilities, and equity.

Step 2: Review the statement of cash flows. This financial statement reports cash inflows and outflows during a period, categorizing them into operating, investing, and financing activities.

Step 3: Examine the income statement. It reports a company's revenues and expenses over a period, showing the net income or loss, but it does not focus solely on cash inflows and outflows.

Step 4: Analyze the statement of retained earnings. This statement shows changes in retained earnings over a period, including net income and dividends, but it does not list only liabilities and equity.

Step 5: Compare the descriptions provided in the problem to the correct definitions of each financial statement to identify which statements are accurately described and which are incorrect.