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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

All of the following are general-purpose financial statements except:

Statement of Retained Earnings

Income Statement

Statement of Cash Flows

Balance Sheet

Previous problemNext problem

Verified step by step guidance

Understand the concept of general-purpose financial statements: These are the primary financial reports prepared by a company to provide information about its financial performance and position to external users such as investors, creditors, and regulators.

Identify the general-purpose financial statements: The main ones include the Income Statement, Balance Sheet, and Statement of Cash Flows. These statements are designed to meet the common information needs of a wide range of users.

Clarify the role of the Statement of Retained Earnings: This statement is not considered a general-purpose financial statement. Instead, it is a supporting statement that provides details about changes in retained earnings over a specific period, often used in conjunction with the Income Statement and Balance Sheet.

Compare the Statement of Retained Earnings with the other financial statements: While the Income Statement, Balance Sheet, and Statement of Cash Flows provide comprehensive insights into a company's financial health, the Statement of Retained Earnings focuses solely on retained earnings, making it more specialized.

Conclude that the Statement of Retained Earnings is not a general-purpose financial statement, as it serves a narrower purpose compared to the other three statements listed.