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

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which of the following accurately describes a budget?

A financial plan that estimates future income and expenses over a specific period.

A statement showing the assets, liabilities, and equity of a company at a specific point in time.

A report that summarizes the revenues and expenses for a period to determine net income.

A record of all past financial transactions of a business.

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Verified step by step guidance

Step 1: Understand the concept of a budget. A budget is a financial plan that estimates future income and expenses over a specific period. It is used to guide financial decisions and ensure resources are allocated effectively.

Step 2: Compare the definition of a budget with the other options provided. For example, a statement showing assets, liabilities, and equity at a specific point in time refers to a balance sheet, not a budget.

Step 3: Analyze the option describing a report summarizing revenues and expenses for a period to determine net income. This refers to an income statement, which is different from a budget.

Step 4: Evaluate the option describing a record of all past financial transactions of a business. This refers to accounting records or a ledger, not a budget.

Step 5: Conclude that the correct description of a budget is 'A financial plan that estimates future income and expenses over a specific period,' as it aligns with the definition of a budget.