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 items are shown on a balance sheet? Select the correct option.

Assets, liabilities, and equity

Dividends, retained earnings, and sales

Revenues, expenses, and net income

Cash flows from operating, investing, and financing activities

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Verified step by step guidance

Understand the purpose of a balance sheet: A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time. It reports the company's assets, liabilities, and equity.

Review the components of a balance sheet: Assets represent what the company owns, liabilities represent what the company owes, and equity represents the residual interest of the owners after liabilities are subtracted from assets.

Analyze the options provided: The first option (Assets, liabilities, and equity) aligns with the components of a balance sheet. The other options refer to items found on other financial statements, such as the income statement or the statement of cash flows.

Clarify the incorrect options: Dividends, retained earnings, and sales are related to equity and income but are not directly shown as categories on the balance sheet. Revenues, expenses, and net income are part of the income statement. Cash flows from operating, investing, and financing activities are part of the statement of cash flows.

Conclude that the correct answer is the first option: Assets, liabilities, and equity, as these are the primary components reported on a balance sheet.