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 is NOT typically included in a company's set of historical financial statements prepared for an Excel project assignment?

Balance Sheet

Income Statement

Statement of Cash Flows

Statement of Retained Earnings Forecast

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Verified step by step guidance

Understand the components of historical financial statements: Historical financial statements typically include the Balance Sheet, Income Statement, and Statement of Cash Flows. These are prepared based on past transactions and events.

Recognize the purpose of the Statement of Retained Earnings: This statement shows changes in retained earnings over a period, including net income and dividends. However, it is not typically forecasted in historical financial statements.

Differentiate between historical and forecasted statements: Historical financial statements reflect actual past data, while forecasted statements predict future financial performance. A Statement of Retained Earnings Forecast is forward-looking and not part of historical financial statements.

Identify the correct answer: Since the Statement of Retained Earnings Forecast is forward-looking, it is not included in a company's set of historical financial statements.

Conclude that the Balance Sheet, Income Statement, and Statement of Cash Flows are the typical components of historical financial statements, while the Statement of Retained Earnings Forecast is excluded.