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

The financial statement that displays a firm's financial position on a particular date is the:

Balance Sheet

Statement of Retained Earnings

Statement of Cash Flows

Income Statement

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Understand the purpose of each financial statement: The Balance Sheet shows the financial position of a firm at a specific point in time, including assets, liabilities, and equity. The Statement of Retained Earnings explains changes in retained earnings over a period. The Statement of Cash Flows details cash inflows and outflows during a period. The Income Statement summarizes revenues and expenses over a period.

Identify the key characteristic of the problem: The question asks for the financial statement that displays the firm's financial position on a particular date, which is a snapshot rather than a summary over a period.

Recall that the Balance Sheet is the financial statement designed to show the firm's financial position at a specific point in time, listing assets, liabilities, and equity as of that date.

Eliminate the other options: The Statement of Retained Earnings, Statement of Cash Flows, and Income Statement all focus on changes or activities over a period rather than a specific date.

Conclude that the correct answer is the Balance Sheet, as it aligns with the requirement of showing the firm's financial position on a particular date.