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 should Sasha use to view the company's Accounts Receivable balance as of a specific date?

Statement of Retained Earnings

Income Statement

Balance Sheet

Statement of Cash Flows

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Verified step by step guidance

Understand the purpose of each financial statement: The Balance Sheet provides a snapshot of a company's financial position at a specific point in time, including assets, liabilities, and equity. Accounts Receivable is classified as an asset and is reported on the Balance Sheet.

Review the Statement of Retained Earnings: This statement shows changes in retained earnings over a period, including net income and dividends, but does not include specific asset balances like Accounts Receivable.

Examine the Income Statement: The Income Statement reports revenues, expenses, and net income over a period, but it does not provide information about asset balances as of a specific date.

Analyze the Statement of Cash Flows: This statement details cash inflows and outflows over a period, categorized into operating, investing, and financing activities. It does not show Accounts Receivable balances as of a specific date.

Conclude that the Balance Sheet is the correct financial statement to use for viewing the company's Accounts Receivable balance as of a specific date, as it lists all assets, including Accounts Receivable, at a specific point in time.