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 would NOT likely appear on a classified balance sheet?

Long-term Investments

Intangible Assets

Net Sales Revenue

Current Liabilities

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Verified step by step guidance

Understand the purpose of a classified balance sheet: It organizes assets, liabilities, and equity into specific categories to provide a clear financial position of a company.

Review the typical sections of a classified balance sheet: These include Current Assets, Long-term Investments, Property, Plant, and Equipment, Intangible Assets, Current Liabilities, Long-term Liabilities, and Equity.

Analyze the options provided: Long-term Investments, Intangible Assets, Current Liabilities, and Net Sales Revenue.

Recognize that Net Sales Revenue is part of the income statement, not the balance sheet. It represents the revenue earned from sales after deducting returns, allowances, and discounts.

Conclude that Net Sales Revenue would NOT appear on a classified balance sheet because it is not a balance sheet item but rather an income statement item.