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 balance in the Cash account appears in which two financial statements?

Statement of Cash Flows and Income Statement

Balance Sheet and Statement of Cash Flows

Income Statement and Balance Sheet

Statement of Retained Earnings and Balance Sheet

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Verified step by step guidance

Understand the role of the Cash account in financial statements. The Cash account represents the liquid assets of a company and is a key component of its financial position.

Identify the financial statements where the Cash account is relevant. The Cash account is directly reported in the Balance Sheet under the 'Current Assets' section, as it reflects the company's financial position at a specific point in time.

Recognize that the Cash account is also central to the Statement of Cash Flows. This statement tracks the inflows and outflows of cash during a specific period, categorizing them into operating, investing, and financing activities.

Eliminate the incorrect options. The Cash account does not appear in the Income Statement, as this statement focuses on revenues and expenses, nor does it appear in the Statement of Retained Earnings, which tracks changes in equity due to net income and dividends.

Conclude that the correct answer is the Balance Sheet and Statement of Cash Flows, as these are the two financial statements where the Cash account is explicitly reported.