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

Financial statements include which of the following two?

General Ledger and Income Statement

Trial Balance and Statement of Retained Earnings

Statement of Cash Flows and Bank Reconciliation

Balance Sheet and Income Statement

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Verified step by step guidance

Understand the concept of financial statements: Financial statements are formal records of the financial activities and position of a business, person, or other entity. They typically include key reports that summarize financial performance and position.

Identify the primary financial statements: The main financial statements are the Balance Sheet, Income Statement, Statement of Cash Flows, and Statement of Retained Earnings. These are used to provide a comprehensive view of an entity's financial health.

Focus on the Balance Sheet: The Balance Sheet provides a snapshot of an entity's financial position at a specific point in time, showing assets, liabilities, and equity. It follows the accounting equation: Assets = Liabilities + Equity.

Focus on the Income Statement: The Income Statement, also known as the Profit and Loss Statement, summarizes revenues and expenses over a specific period, showing the net income or loss. It helps assess profitability.

Recognize the correct answer: Among the options provided, the Balance Sheet and Income Statement are the two primary financial statements included in the correct answer. These are essential for understanding financial position and performance.