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

2. Transaction Analysis

Classified Balance Sheet Components

Financial Accounting

2. Transaction Analysis

Classified Balance Sheet Components

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Multiple Choice

Which of the following is NOT a balance sheet account?

Retained Earnings

Accounts Receivable

Sales Revenue

Prepaid Expenses

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Verified step by step guidance

Step 1: Understand the structure 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.

Step 2: Identify the types of accounts that appear on a balance sheet. These include asset accounts (e.g., Accounts Receivable, Prepaid Expenses), liability accounts, and equity accounts (e.g., Retained Earnings).

Step 3: Recognize that Sales Revenue is part of the income statement, not the balance sheet. Revenue accounts are used to report income earned during a specific period and are not included in the balance sheet.

Step 4: Compare the given options to the types of accounts on a balance sheet. Retained Earnings, Accounts Receivable, and Prepaid Expenses are all balance sheet accounts, while Sales Revenue is not.

Step 5: Conclude that the correct answer is Sales Revenue, as it does not belong to the balance sheet but rather the income statement.