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 one of the four primary financial statements?

Statement of Cash Flows

Balance Sheet

Statement of Retained Earnings

Statement of Budgeted Expenses

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Verified step by step guidance

Step 1: Understand the four primary financial statements. These are the Statement of Cash Flows, Balance Sheet, Income Statement, and Statement of Retained Earnings. Each serves a specific purpose in financial reporting.

Step 2: Review the purpose of each primary financial statement: The Statement of Cash Flows shows cash inflows and outflows, the Balance Sheet provides a snapshot of assets, liabilities, and equity, the Income Statement reports revenues and expenses, and the Statement of Retained Earnings tracks changes in retained earnings over a period.

Step 3: Compare the given options to the list of primary financial statements. Identify which option does not belong to the list of primary financial statements.

Step 4: Recognize that the 'Statement of Budgeted Expenses' is not one of the four primary financial statements. It is typically used for internal planning and budgeting rather than external financial reporting.

Step 5: Conclude that the correct answer is 'Statement of Budgeted Expenses,' as it is not part of the four primary financial statements used in financial accounting.