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 does NOT appear on the balance sheet?

Retained Earnings

Inventory

Service Revenue

Accounts Receivable

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Understand the purpose of the balance sheet: The balance sheet is a financial statement that reports a company's assets, liabilities, and equity at a specific point in time. It does not include revenue or expense accounts, which are part of the income statement.

Identify the accounts listed in the problem: Retained Earnings, Inventory, Service Revenue, and Accounts Receivable.

Classify each account: Retained Earnings is part of equity, Inventory is an asset, and Accounts Receivable is also an asset. These all appear on the balance sheet.

Recognize that Service Revenue is a revenue account: Revenue accounts are reported on the income statement, not the balance sheet.

Conclude that Service Revenue does NOT appear on the balance sheet, as it is part of the income statement and reflects the company's earnings during a specific period.