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

An income statement does not include which of the following?

Net income

Revenues

Total assets

Expenses

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Verified step by step guidance

Step 1: Understand the purpose of an income statement. An income statement is a financial report that summarizes a company's revenues, expenses, and net income over a specific period. It is used to assess the company's profitability.

Step 2: Review the components of an income statement. The key elements include revenues (money earned from business operations), expenses (costs incurred to generate revenues), and net income (the result of subtracting expenses from revenues).

Step 3: Identify what is not included in an income statement. Total assets are part of the balance sheet, not the income statement. The balance sheet provides a snapshot of a company's financial position, including assets, liabilities, and equity, at a specific point in time.

Step 4: Compare the options provided in the question. Net income, revenues, and expenses are all components of the income statement, while total assets are not.

Step 5: Conclude that the correct answer is 'Total assets,' as it is not part of the income statement but rather the balance sheet.