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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Cash is reported on which of the following financial statements?

Statement of Stockholders' Equity

Statement of Retained Earnings

Income Statement

Balance Sheet

Previous problemNext problem

Verified step by step guidance

Understand the role of cash in financial accounting: Cash is considered a current asset and is reported on the financial statement that provides a snapshot of a company's financial position at a specific point in time.

Identify the purpose of each financial statement: The Balance Sheet reports a company's assets, liabilities, and equity at a specific date, while the other statements (Income Statement, Statement of Retained Earnings, and Statement of Stockholders' Equity) focus on performance and changes over a period.

Recognize that cash is classified as a current asset: Current assets are resources expected to be converted into cash or used up within one year, and cash itself is the most liquid asset.

Locate where cash is reported on the Balance Sheet: Cash is typically listed as the first item under the 'Current Assets' section of the Balance Sheet because of its liquidity.

Conclude that cash is not reported on the Income Statement, Statement of Retained Earnings, or Statement of Stockholders' Equity, as these statements serve different purposes and do not directly list assets like cash.