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 accounts appears in one of the balance sheet columns of the worksheet?

Sales Revenue

Accounts Receivable

Rent Expense

Dividends

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Verified step by step guidance

Step 1: Understand the structure of the balance sheet. The balance sheet is divided into three main sections: assets, liabilities, and equity. Accounts that appear on the balance sheet must fall into one of these categories.

Step 2: Analyze each account provided in the problem. Determine whether each account belongs to the balance sheet or another financial statement (e.g., income statement or statement of retained earnings).

Step 3: Evaluate 'Sales Revenue'. Sales Revenue is part of the income statement, as it represents the earnings from the company's operations during a specific period. It does not appear on the balance sheet.

Step 4: Evaluate 'Accounts Receivable'. Accounts Receivable is an asset account, representing money owed to the company by customers. Since it is an asset, it appears in the balance sheet under the 'Assets' section.

Step 5: Evaluate 'Rent Expense' and 'Dividends'. Rent Expense is part of the income statement, as it represents a cost incurred during operations. Dividends are part of the statement of retained earnings, as they represent distributions to shareholders. Neither appears on the balance sheet.