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

Net income appears on which of the following financial statements?

Statement of Cash Flows

Income Statement

Statement of Retained Earnings

Balance Sheet

Previous problemNext problem

Verified step by step guidance

Understand the concept of net income: Net income is the profit a company earns after deducting all expenses, including operating costs, taxes, and interest, from its total revenue.

Identify the financial statements: The four primary financial statements are the Income Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Cash Flows.

Determine where net income is reported: Net income is calculated and reported on the Income Statement, which summarizes revenues and expenses over a specific period.

Recognize the connection to other statements: Net income flows into the Statement of Retained Earnings, where it is used to calculate the ending retained earnings after accounting for dividends.

Understand why net income does not appear on the Balance Sheet or Statement of Cash Flows: The Balance Sheet shows the company's financial position at a specific point in time, while the Statement of Cash Flows focuses on cash inflows and outflows, not net income.