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

3. Accrual Accounting Concepts

Unadjusted vs Adjusted Trial Balance

Financial Accounting

3. Accrual Accounting Concepts

Unadjusted vs Adjusted Trial Balance

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Multiple Choice

An end-of-period spreadsheet, such as a worksheet, includes columns for which of the following?

Only the adjusted trial balance and income statement

Adjustments and statement of retained earnings only

Unadjusted trial balance and cash flow statement only

Unadjusted trial balance, adjustments, adjusted trial balance, income statement, and balance sheet

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Verified step by step guidance

Understand the purpose of an end-of-period spreadsheet: It is used to organize and summarize financial data for the preparation of financial statements.

Identify the key components of the spreadsheet: These typically include the unadjusted trial balance, adjustments, adjusted trial balance, income statement, and balance sheet.

Explain the role of the unadjusted trial balance: This column lists all account balances before any adjustments are made.

Describe the adjustments column: This column records any necessary changes to account balances, such as accruals or deferrals, to ensure compliance with the accrual basis of accounting.

Clarify the adjusted trial balance, income statement, and balance sheet columns: The adjusted trial balance reflects updated account balances after adjustments, while the income statement and balance sheet columns are used to prepare the respective financial statements.