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

4. Merchandising Operations

Single-step Income Statement

Financial Accounting

4. Merchandising Operations

Single-step Income Statement

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Multiple Choice

Which of the following is the correct header for a single-step income statement?

Company NameIncome StatementFor the Year Ended December 31, 2023

Company NameStatement of Financial PositionAs of December 31, 2023

Company NameStatement of Cash FlowsFor the Month Ended December 31, 2023

Company NameBalance SheetFor the Year Ended December 31, 2023

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Verified step by step guidance

Understand the purpose of a single-step income statement: It is a financial statement that reports a company's revenues and expenses, showing the net income or loss for a specific period.

Identify the correct header format for a single-step income statement. The header typically includes three lines: the company name, the title of the statement (Income Statement), and the time period covered (e.g., 'For the Year Ended December 31, 2023').

Compare the options provided in the problem. Look for the header that matches the format described above, specifically focusing on the title 'Income Statement' and the time period 'For the Year Ended December 31, 2023'.

Eliminate incorrect options. For example, headers like 'Statement of Financial Position' or 'Balance Sheet' are not relevant to a single-step income statement, as they refer to other types of financial statements.

Select the correct header: 'Company Name, Income Statement, For the Year Ended December 31, 2023' as it matches the required format for a single-step income statement.