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 shows a correct date line for a balance sheet?

For the month ended December 31, 2023

For the quarter ended December 31, 2023

For the year ended December 31, 2023

As of December 31, 2023

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Verified step by step guidance

Understand the purpose of a balance sheet: A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time, showing assets, liabilities, and equity.

Recognize the correct date format for a balance sheet: Unlike income statements or cash flow statements, which cover a period of time (e.g., 'For the year ended December 31, 2023'), a balance sheet reflects a single date ('As of December 31, 2023').

Compare the options provided: The first three options ('For the month ended...', 'For the quarter ended...', 'For the year ended...') are incorrect because they imply a time period rather than a specific date.

Identify the correct option: The phrase 'As of December 31, 2023' is the correct date line for a balance sheet because it specifies the exact date the financial position is being reported.

Apply this knowledge to future problems: Always ensure that the date line for a balance sheet uses the 'As of' format to reflect the snapshot nature of the statement.