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 major component or section of a classified balance sheet as of December 31 for Wilson Trucking Company?

Current Assets

Long-term Liabilities

Statement of Cash Flows

Owner's Equity

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Verified step by step guidance

Understand the structure of a classified balance sheet: A classified balance sheet organizes assets, liabilities, and equity into specific categories to provide clarity and detail about the financial position of a company.

Identify the major components of a classified balance sheet: These typically include Current Assets, Non-current Assets (such as Property, Plant, and Equipment), Current Liabilities, Long-term Liabilities, and Owner's Equity.

Recognize that the Statement of Cash Flows is a separate financial statement: It is not part of the classified balance sheet. Instead, it provides information about cash inflows and outflows during a specific period.

Compare the options provided in the question: Current Assets, Long-term Liabilities, and Owner's Equity are all major sections of a classified balance sheet, while the Statement of Cash Flows is not.

Conclude that the correct answer is 'Statement of Cash Flows,' as it is not a component of the classified balance sheet but rather a separate financial statement.