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 financial statement reports assets, liabilities, and owner's equity as of a specific date?

Statement of Cash Flows

Balance Sheet

Income Statement

Statement of Retained Earnings

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Verified step by step guidance

Understand the purpose of each financial statement: The Balance Sheet reports assets, liabilities, and owner's equity as of a specific date, providing a snapshot of the company's financial position. The Statement of Cash Flows shows cash inflows and outflows over a period, the Income Statement reports revenues and expenses over a period, and the Statement of Retained Earnings explains changes in retained earnings over a period.

Identify the key elements mentioned in the question: Assets, liabilities, and owner's equity are components of the Balance Sheet. These elements represent the company's resources, obligations, and ownership interest.

Recognize the time frame: The Balance Sheet is unique because it reports financial information as of a specific date, unlike other statements that cover a period of time.

Match the description to the correct financial statement: Based on the elements and time frame provided, the Balance Sheet is the financial statement that fits the description.

Conclude that the Balance Sheet is the correct answer, as it reports assets, liabilities, and owner's equity as of a specific date, fulfilling the criteria outlined in the question.