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

Which of the following accounts would appear on the Balance Sheet?

Dividends

Service Revenue

Rent Expense

Accounts Receivable

Previous problemNext problem

Verified step by step guidance

Understand the purpose of the Balance Sheet: The Balance Sheet is a financial statement that reports a company's assets, liabilities, and equity at a specific point in time. It does not include income statement accounts such as revenues, expenses, or dividends.

Identify the nature of each account listed: Dividends, Service Revenue, and Rent Expense are not Balance Sheet accounts. Dividends are part of retained earnings in the equity section but are not directly reported on the Balance Sheet. Service Revenue and Rent Expense are income statement accounts.

Recognize that Accounts Receivable is an asset: Accounts Receivable represents money owed to the company by customers for goods or services provided on credit. Assets are reported on the Balance Sheet.

Categorize Accounts Receivable under the correct section: Accounts Receivable is classified as a current asset because it is expected to be converted into cash within one year or the operating cycle.

Conclude that Accounts Receivable is the correct answer: Since it is an asset, it appears on the Balance Sheet, unlike the other accounts listed, which are part of the income statement or equity calculations.