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

Which of the following appear(s) on the balance sheet?

Interest Expense

Accounts Receivable

Sales Revenue

Dividends Declared

Previous problemNext problem

Verified step by step guidance

Step 1: Understand the purpose of the balance sheet. The balance sheet is a financial statement that reports a company's assets, liabilities, and equity at a specific point in time. It does not include income statement items like revenues or expenses.

Step 2: Analyze each item provided in the question. Determine whether each item belongs to the balance sheet or another financial statement (e.g., income statement or statement of retained earnings).

Step 3: Evaluate 'Interest Expense.' This is an expense incurred by the company and is reported on the income statement, not the balance sheet.

Step 4: Evaluate 'Accounts Receivable.' This represents money owed to the company by customers and is classified as an asset. Assets appear on the balance sheet.

Step 5: Evaluate 'Sales Revenue' and 'Dividends Declared.' 'Sales Revenue' is reported on the income statement as part of the company's earnings, while 'Dividends Declared' are reported on the statement of retained earnings, not the balance sheet.