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 is NOT one of the basic types of financial statements prepared by a company?

Income Statement

Statement of Cash Flows

Statement of Inventory Turnover

Balance Sheet

Previous problemNext problem

Verified step by step guidance

Understand the basic types of financial statements prepared by a company. These include the Income Statement, Balance Sheet, Statement of Cash Flows, and Statement of Changes in Equity.

Review the purpose of each financial statement: The Income Statement shows a company's profitability over a period, the Balance Sheet provides a snapshot of assets, liabilities, and equity at a specific point in time, and the Statement of Cash Flows details cash inflows and outflows.

Recognize that the Statement of Inventory Turnover is not a financial statement. It is a metric used to analyze how efficiently a company manages its inventory, calculated as \( \text{Inventory Turnover} = \frac{\text{Cost of Goods Sold}}{\text{Average Inventory}} \).

Compare the given options to the list of basic financial statements. Identify that the Statement of Inventory Turnover does not belong to the standard set of financial statements.

Conclude that the correct answer is "Statement of Inventory Turnover" because it is not one of the basic types of financial statements prepared by a company.