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

Which of the following financial statements reports financial information for a specific point in time, rather than over a period of time?

Statement of Retained Earnings

Statement of Cash Flows

Balance Sheet

Income Statement

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Verified step by step guidance

Understand the nature of each financial statement: The Balance Sheet reports financial information at a specific point in time, while the other statements (Income Statement, Statement of Retained Earnings, and Statement of Cash Flows) report information over a period of time.

Recall the purpose of the Balance Sheet: It provides a snapshot of a company's financial position, including assets, liabilities, and equity, as of a specific date.

Compare the reporting periods: The Income Statement, Statement of Retained Earnings, and Statement of Cash Flows summarize activities over a defined period, such as a month, quarter, or year, whereas the Balance Sheet focuses on a single date.

Identify the correct answer: Based on the definitions and purposes of the financial statements, the Balance Sheet is the one that reports financial information for a specific point in time.

Reinforce the concept: The Balance Sheet is often referred to as a 'snapshot' of the company's financial position, making it distinct from the other statements that track changes over time.