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 accounts would NOT appear on a balance sheet?

Accounts Receivable

Retained Earnings

Service Revenue

Inventory

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Verified step by step guidance

Step 1: Understand the purpose of a balance sheet. A balance sheet is a financial statement that reports a company's assets, liabilities, and equity at a specific point in time. It includes accounts that represent the company's financial position.

Step 2: Identify the types of accounts that appear on a balance sheet. These include: (1) Assets (e.g., Accounts Receivable, Inventory), (2) Liabilities, and (3) Equity (e.g., Retained Earnings).

Step 3: Recognize that Service Revenue is an income account. Revenue accounts are reported on the income statement, not the balance sheet, because they represent the company's performance over a period of time rather than its financial position at a specific point.

Step 4: Confirm that Accounts Receivable and Inventory are asset accounts, which are part of the balance sheet under the 'Assets' section. Retained Earnings is an equity account, which is part of the balance sheet under the 'Equity' section.

Step 5: Conclude that Service Revenue does NOT appear on the balance sheet because it is part of the income statement, while the other accounts listed (Accounts Receivable, Retained Earnings, Inventory) do appear on the balance sheet.