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

For each of the following items, identify the appropriate financial statement element: (A) Cash, (B) Sales Revenue, (C) Accounts Payable, (D) Rent Expense. Which of the following correctly matches each item to its financial statement element?A. (A) Asset, (B) Revenue, (C) Liability, (D) ExpenseB. (A) Liability, (B) Expense, (C) Asset, (D) RevenueC. (A) Revenue, (B) Asset, (C) Expense, (D) LiabilityD. (A) Expense, (B) Liability, (C) Revenue, (D) Asset

C. (A) Revenue, (B) Asset, (C) Expense, (D) Liability

D. (A) Expense, (B) Liability, (C) Revenue, (D) Asset

A. (A) Asset, (B) Revenue, (C) Liability, (D) Expense

B. (A) Liability, (B) Expense, (C) Asset, (D) Revenue

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Verified step by step guidance

Step 1: Understand the financial statement elements. The four primary elements are: (1) Asset - resources owned by the company, (2) Liability - obligations owed by the company, (3) Revenue - income earned from business operations, and (4) Expense - costs incurred to generate revenue.

Step 2: Analyze each item in the problem: (A) Cash is a resource owned by the company, so it is classified as an Asset. (B) Sales Revenue represents income earned from selling goods or services, so it is classified as Revenue. (C) Accounts Payable represents obligations to pay suppliers, so it is classified as a Liability. (D) Rent Expense represents costs incurred for using rented space, so it is classified as an Expense.

Step 3: Match each item to its corresponding financial statement element: (A) Cash = Asset, (B) Sales Revenue = Revenue, (C) Accounts Payable = Liability, (D) Rent Expense = Expense.

Step 4: Review the provided answer choices to determine which one correctly matches the items to their financial statement elements. Compare each choice to the classifications determined in Step 3.

Step 5: Identify the correct answer as the one that matches: (A) Asset, (B) Revenue, (C) Liability, (D) Expense. This corresponds to answer choice A.