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 of the following is NOT included in a profit and loss report (income statement)?

Revenue

Expenses

Net income

Total assets

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Verified step by step guidance

Understand the purpose of a profit and loss report (income statement). It is a financial statement that summarizes the revenues, expenses, and net income (or loss) over a specific period of time.

Review the components typically included in an income statement: Revenue (sales or income generated), Expenses (costs incurred to generate revenue), and Net Income (the result of subtracting expenses from revenue).

Recognize that 'Total Assets' is part of the balance sheet, not the income statement. The balance sheet provides a snapshot of a company's financial position, including assets, liabilities, and equity, at a specific point in time.

Compare the options provided in the question to the components of the income statement. Revenue, Expenses, and Net Income are all part of the income statement, while Total Assets is not.

Conclude that the correct answer is 'Total Assets,' as it is not included in a profit and loss report (income statement).